THE ESSENCE AND DIRECTIONS OF MANAGING INVESTMENT AND INNOVATIVE DEVELOPMENT OF TERRITORIES

Abstract

It is revealed that today innovations play an exceptional role in ensuring the sustainable development of both individual business entities and regions, territories and the country as a whole. This is due, firstly, to the nature of market relations and the strengthening of competitive confrontation both at the local, regional and international levels, and secondly, to the need to implement qualitative transformations at the regional level in order to overcome crisis phenomena and the disproportionality of their development and the national economy's exit to the trajectory of sustainable growth. It is indicated that in order to implement innovative transformations at the level of individual territories, it is necessary to form an investment basis for their implementation. Since the long-term limited financial resources for the implementation of critical innovation projects at the regional level has led to a significant lag of regions in relation to global development indicators and a reduction in their economic potential to ensure sustainable growth. The expediency of forming a theoretical basis for managing investment and innovative development of territories is proved. The existing scientific approaches to the interpretation of the content of the concept of innovative and investment development and directly investment and innovation growth are studied. It is revealed that most scientists consider the processes of innovation and investment development as separate, but closely interrelated, economic categories. The author's vision of managing investment and innovation development of territories as a process of development and implementation of Strategic and program initiatives aimed at sustainable investment and innovation growth of territories by creating favorable conditions for the functioning of objects of innovation and investment infrastructure and supporting business activities on the basis of integration interaction of participants in the investment and innovation process within the framework of innovative organizational forms of their cooperation is formed. The key directions of managing investment and innovation growth of territories are revealed.