Idziev G.I.Institute for Socio-Economic Studies, Dagestan National Centre of RAS, Makhachkala, Republic of Dagestan, Russian Federation textima@mail.ru
The basis of implementing the measures focused on economic development of a region are relevant institutional reforms that provide the creation of an effective mechanism of capital inflows in production and trade; a mechanism of State support to regional systems of lending, insurance, certification, licensing, leasing, and mortgage; the improvement of budget control; establishing information and mediation services in the region and expanding international business contacts. Regional institutions for development can play an important role in solving these problems as they are one of the most effective forms of economic modernization, investment decisions, and they are able to meet social challenges. It is important to have a significant potential to renew the basic segments that will ensure the development of the economic and social spheres of a region. The study analyzes the existing instruments of financial and other support to investment projects that are of higher priority for the development of regional economy, however, not receiving sufficient resources from the private sector. The author characterizes the development institutions operating in the Russian Federation and reveals the weaknesses of the considered institutions on the basis of their analyzed goals, objectives and key performance indicators. The conclusion is that despite the numerous activities of the development institutions, they disregard principal areas, especially at the regional level, that include developing transfer technologies, building innovation technological platforms in regions, and venture capital investment in industrial production. The author justifies the building a structure in the Republic that would accumulate innovation and innovation technologies, which later would become a basis for creating a special economic zone of a technical-and-innovation type.
Keywords: modernization, region, development institutions, investment, economic development
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