ASSESSMENT OF THE INNOVATION POTENTIAL OF THE WESTERN REGION OF UKRAINE AS A PREREQUISITE FOR THE DEVELOPMENT OF THE BIOECONOMY

Keywords: innovative potential, innovative production, research and development expenses, bioeconomics, western region of Ukraine

Abstract

The work is dedicated to the analysis of the innovation potential of the western region of Ukraine as a precondition for the development of the bioeconomy, which serves as an effective tool for ensuring sustainable development at all levels, from regional to national. In the context of contemporary societal development and the emergence of the bioeconomy, it is crucial to understand and identify opportunities for implementing innovative ideas and technologies in this region. Innovation potential is a complex economic parameter that is challenging to evaluate due to the absence of a unified definition. The presented work includes the identification of factors that contribute to or hinder innovative activity in the western region based on the share of implemented innovative products in the total volume of industrial products and an assessment of expenditures on scientific research. It is shown that over the past four years, the specific weight of the implemented innovative products in the total amount of implemented industrial products had a negative trend. The analysis of gross expenditures on research and development in the western region of Ukraine indicates that these expenditures constitute only about 4% of the total nationwide expenditures. However, their distribution across the region is uneven, with the Lviv region being the undeniable leader, followed by the Chernivtsi and Zakarpattia regions with a significant time lag. This situation is explained by the concentration of the highest number of research and educational institutions in the Lviv region. The lowest gross expenditures on research and development among the regions were observed in the Volyn and Rivne regions. Based on the obtained results, recommendations have been formulated to improve the innovation environment and stimulate the development of innovative initiatives in the region to foster the establishment of the bioeconomy. Transforming the theoretical concept of the bioeconomy development in the western region of Ukraine into an effective system of practical measures requires concerted efforts from policymakers, researchers, entrepreneurs, investors, local government activists, and active engagement from the region's citizens.

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Published
2023-11-28
How to Cite
Stangrit, A., Monka, N., & Vasylyuk, S. (2023). ASSESSMENT OF THE INNOVATION POTENTIAL OF THE WESTERN REGION OF UKRAINE AS A PREREQUISITE FOR THE DEVELOPMENT OF THE BIOECONOMY. Economy and Society, (57). https://doi.org/10.32782/2524-0072/2023-57-15
Section
ECONOMICS