Assessment of investment support for innovative development of regions focused on primary industry

Abstract

The regions focused on primary industry and raw materials extraction and processing have specific innovative and investment development. The paper presents the analyses of the world experience in applying rating system for innovative development assessment. As the result, the authors devised a new original method for the assessment of innovative development of the regions focused on primary industry and raw materials extraction and processing in terms of investment flows provision for the regions. The index for investment support of innovation development of the regions focused on primary industry is calculated, its threshold being identified. A matrix for classifying of the regions, focused on primary industry, in terms of the level of innovative development and investment support is constructed. The considered regions of the Russian Federation are ranked based on the newly suggested assessment method. The method presented in the paper is recommended to use by regional authorities for monitoring of innovative and investment regional development with consideration of the raw materials specifics. This method has proved its efficiency in research of correlation interdependence of innovative development and investment flows on the regional level. The corrective tools and techniques for investment and innovative policy implementation are offered.