Subject. We investigate the functions of priority development areas created in the subjects of the Russian Far East. Objectives. The study aims to determine the functional purpose of such areas and assess how they fulfill their socio-economic functions. Methods. We employ methods of generalization, systematization, sampling and grouping of socio-economic indicators of organizations and sole proprietors that have been granted the status of residents of priority development areas, methods of statistical, economic, correlation, and regression analysis. Results. The analysis shows that the regions of the Russian Far East have been intensively developing over the recent years. This leads to changes in the volume of investment, GRP and its structure, fixed assets, and created jobs. The paper identifies the main functions of priority development areas and includes findings on their implementation. Conclusions. At the initial stage of advanced development regime, there have been positive trends associated with a growth in investment inflows (Amur Oblast, Primorsky Krai), increased labor resources and employment expansion (Primorsky Krai, Republic of Sakha (Yakutia), export orientation of projects (Amur Oblast, Khabarovsk Krai), production ramp-up in manufacturing (Primorsky and Khabarovsk Krai, Amur Oblast), modernization and renewal of fixed assets (Sakhalin Oblast, Republic of Sakha (Yakutia).
Keywords: function, priority development area, resident, export potential, foreign investment
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