Peculiarities of Industry Development in Black Sea Region of Ukraine

• Main Author: Priadko Iryna
• Format: Article
• Language: English
• Published: Mykolayiv National Agrarian University 2019-07-01
• Series: Modern Economics
• Subjects: innovation; regional innovation policy; industry; peculiarities of development of the industrial sector
• Online Access: https://modecon.mnau.edu.ua/en/?smd_process_download=1&download_id=11762

Introduction. The peculiarities of economic activity of any economic region is explained by the natural and climatic features of the region and its geographical location. Effective use of these factors, together with others, leads to the growth of the competitiveness of the economic territory and its economic development. According to the theorem of Heckscher-Olin, using the cheapest production factors would significantly increase the competitiveness of the regions in the international market. Innovative development is equally capable of ensuring an increase in the competitiveness of this territory. Since industry is recognized as the engine of the economy, it is expedient to develop innovations in the branches of industry whose activities are connected with the cheapest factors of production. Purpose. The purpose of the article is to identify the peculiarities of development of the industrial sector of the Black Sea Region in order to improve the organizational-economic mechanism of regulating the innovation activity of the industrial sector of the region. Results. It was proposed to combine the mentioned factors and to develop innovative activities in those industries that are the primary users of economic resources endemic to the region. The peculiarities of the development of the industrial sector as the main engine of the innovation activity of the Black Sea Region were considered in the article. The state of industrial development in this economic region was analyzed. The main problems of the functioning of industry are outlined. The branches of industry with the largest volume of sold products are revealed. Prospects of development of such industries are explored. The main problems of the functioning of industry were outlined. Conclusions. It was concluded that such industries as the production of food products, beverages and tobacco products, electricity, gas, steam and air conditioning supply and mechanical engineering should become the focal points for the development of innovation activities in this economic region. This fact should optimize the effectiveness of the organizational and economic mechanism for stimulating the innovation activity in the industrial sector of the Black Sea Region.