Home  Journals  National Interests: Priorities and Security  42(279) - 2014 November

Innovation and industrial strategy of regional agriculture development (the Kabardino-Balkar Republic case)

Available online: 1 November 2014

Subject Heading: PROBLEM. RESEARCH. SOLUTION

JEL Classification: 

Pages: 55-63

Our article considers the regional innovation potential as a degree of readiness or socio-economic potential of the region to perform innovation activities depending on its resources, research, personnel, financial, logistical, technological, and intellectual support. At the present time, economic and institutional transformation in agrarian and industrial complex of the Kabardino-Balkar Republic may serve as one of the factors to overcome local crises and stimulate investment and innovation in agricultural production. Our article says that the innovation and industrial development strategy of the Kabardino-Balkar Republic should aim at creating a supportive environment and ensuring the maximum support to the economic sectors to build a competitive and efficient regional economy. We underline that the primary objective is to achieve a sustainable and stable development of the country through the development of diversified economic areas. The development and implementation of institutional innovation and scientific and technical programs, stimulation of investment activity of the population constitute the major challenges of the innovation strategy of the agro-industrial complex development of Kabardino-Balkaria. However, addressing these challenges requires a revision of the existing public management system of innovation and industrial development. We emphasize that the effective implementation of such measures requires the creation of new structures, namely, the Investment Fund of the Kabardino-Balkar Republic (KBIF), the Development Bank of the Kabardino-Balkar Republic and a regional innovation fund. We substantiate that the main purpose of the innovation and industrial development strategy of the regional agribusiness, in particular, the agricultural production of the Kabardino-Balkar Republic, is the creation of potentially competitive industries, which are aimed at exports of products. At the same time, the practical implementation of this strategy, in addition to the efforts on the part of the State, is impossible without the contribution of agricultural producers, actually, without their financial participation in the ratio of 1: 3. The calculation, carried out in the article can serve as a motivational incentive to raise the scientific and technological potential at the level of individual enterprises, and due to this, at the level of the region's economy as a whole.

Keywords: potential, region, investment, strategy, innovation, crisis, industrial innovative program, employment

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