THE ROLE OF DEVELOPMENT INSTITUTIONS IN ENHANCING REGIONAL COMPETITIVENESS
Keywords:regional development institutions, competitive advantages of regions, investment attraction, conditions of development institutions' activity
AbstractAt the turn of 2000-2010, in all Russian regions, a large number of regional development institutions (RDIs) were created. These are specialized organizations that are supposed to contribute to the competitiveness and investment attractiveness of the territory. However, the analysis of the correlation between the investment dynamics for 2019-2020 in the Central regions and the number of RDIs shows unevenness and multidirectionality of its vectors for individual regions. The study attempts to assess the role of development institutions in enhancing regional competitiveness on the example of development corporations as an institution that is widely represented in the Russian regions The study identifies a number of significant legal, economic, and organizational problems that reduce the effectiveness of this type of institutions. The authors prove the necessity and present both system-wide changes with functioning RDIs, which is relevant to all regional institutions, and changes in the internal environment of development corporations. The paper also discloses the mechanism of building a regional system of development institutions that will contribute to improving the procedures for interagency cooperation in creating a favorable business environment and, consequently, strengthen the competitive position of the region.
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