Organizational and economic mechanism of innovative transformation of the region to enhance competitiveness

Abstract

The widespread adoption of innovations is one of the primary directions for further stabilization and development of Ukraine's economy. For industrial enterprises, effective innovation activities are becoming a decisive factor in their competitiveness. Global experience has demonstrated that the innovative activities of a region, combined with investment activities, become the most significant drivers of societal development. The level and direction of this development determine the content of the transformation of the region's socio-economic structure and lay the foundation for its sustainable development. The region should strive to achieve a balance between economic efficiency, social effectiveness, and environmental constraints imposed on economic activities. The effective and comprehensive development of the region must be grounded in a solid scientific and methodological foundation. The appropriate coordination of actions across all levels of government and local authorities, within the framework of the organizational and economic mechanism for innovation and investment activities, should ensure dynamic growth in economic, social, and environmental effectiveness at the regional level. Addressing the systemic problems of innovative transformation in Ukraine's regions to enhance competitiveness can be pursued in various directions: regulatory and legal support for reforms in the industry; attracting investments; developing the service sector; stimulating domestic demand and increasing the consumption needs of Ukraine's internal market; fostering innovation; involving regional specialized research institutes in the development and implementation of projects aimed at optimizing enterprises on a scientific basis; promoting the practice of reforming the social infrastructure of single-industry towns; and shaping corporate social responsibility in business, including the long-term commitment of companies to contribute to economic development.