Priorities and Risks in the Implementation of Regional Smart-Oriented Economic Policy

The article discusses the economic essence of smart specialization. The European experience of applying the conception of «smart specialization» in strategic management is studied. The main components of the conception of «start-specialization» are considered. The directions of influence of start-specialization on increase of innovative activity and competitiveness of the territory are examined. The major problems, the solution of which start-specialization is aimed at, are identified. The emphasis is placed on the fact that smart specialization sets out not as much stimulating innovations, as activating the long-term structural changes in the region’s economy and be aimed at identifying strengths and developing competitive advantages of regions based on the extant structure of the regional economy. The need to introduce the conception of smart specialization in the sphere of implementation of regional economic policy in Ukraine is substantiated. The main goals, principles, priorities and risks of implementation of regional start-oriented policy are researched. It is noted that the implementation of the start-oriented regional policy, as a model of structural changes, will expand the opportunities for denfining and directly supporting priority types of economic activity for certain regions, which will increase their competitive advantages and contribute to the structural diversification of the economy on an innovative basis. Considerable attention is paid to the study of the main barriers to the implementation of smart specialization, the directions of their leveling are proposed. Attention is accentuated on the need to apply an integrated approach to the development of the regions of Ukraine, which provides for the mutual coordination of various policies implemented by the State and regions (economic, structural, industrial, innovative, foreign economic, etc.) and stakeholder activities in this process. An integrated approach to modern regional policy will ensure strategic planning of socio-economic development of region. Implementation of start-specialization priorities will facilitate the growth of the share of high-tech types of economic activity within the structure of the regional economy. The main instrument for the implementation of this direction of reforms should be regional strategies, the effectiveness of which will ensure the transition from prioritization to the implementation of specific projects.