Subject. The article addresses the innovative import substitution as a timely socio-economic policy direction of the Russian Federation. Objectives. The purpose is to reveal the essence and justify the specifics of approach to innovative import substitution in Russian regions in the face of Russia's growing technological gap and the global economic crisis triggered by the coronavirus pandemic. Methods. We employ methods of comparative analysis, statistical, economic and mathematical methods, including our own method of assessing the Russian regions based on the level of high-tech production development. Results. The study unveils the bottlenecks of the routine approach to import substitution. It underpins the need for innovative import substitution, which is built on serious technological modernization of the economy with a special emphasis on the areas crucial for security and development of the country. Based on the comparative assessment of Russian regions by the level of high-tech production development, we identified fifteen the most promising regions to implement innovative import substitution. The paper offers a set of measures aimed at successful completion of innovative import substitution, paying particular attention to the key role of science in implementing the import substitution strategy. Conclusions. It is crucial to strengthen the innovation dimension in the import substitution strategy of Russian regions. This approach will help overcome the technological backwardness of the Russian Federation by creating modern production facilities, which ensure competitive products on the global market, considering the global trends in the development of science and technology.
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