Strategic priorities of regional investment policy for advanced technological development (the case of Sverdlovsk region in Russia)

Abstract

Relevance. The study investigates the structural and technological imbalances impeding Russian regions' transition to sustainable development. Research objective. The study aims to describe and test an original methodological approach by using the case of a large industrial region in Russia – Sverdlovsk region. The proposed approach can provide a framework for the analysis of federal and regional strategies of long-term innovation and investment development, especially their industrial and spatial priorities. Methods and data. The study relies on official statistical data covering a five-year period. A special focus was made on the strategies' key indicators, which were then compared with the long-term goals and targets of industrial and spatial development. The comparison of the key strategic indicators is supplemented by spatial analysis of regional investment activity by territory and type of investment. Results. The study shows the need to align regional investment strategies with the strategies and policies of industrial, innovation and spatial development. For Sverdlovsk region, the study has revealed a pattern of spatial distribution of investment, which tends to concentrate in old industrial areas, that is, large cities and their agglomerations where the main production facilities are located. Conclusion. The study identifies the drawbacks of regional strategies and shows why the strategies fail to fulfill their function in the general system of strategic planning.