New industrial policy instruments to support the region’s sustainable socioeconomic development

Abstract

The article uses the gross regional product (GRP) to examine the region’s economic development. The authors discuss the development strategy of the industrial sector in the Voronezh Oblast, which aims to establish the best environment for attracting investments and growing the region’s manufacturing sector. The authors evaluate economic potential using contemporary metrics and consider the significance of funding knowledge-intensive sectors for successful development. Particular focus is placed on establishing a regional marketing funnel, identifying key performance metrics, and calculating how many investment proposals are needed for promising regions. The work also stresses the significance of interagency cooperation in implementing an active investment policy and highlights the priority strategic project «New Industrialization of the Region». The proposed approach is helpful for forecasting and optimizing the industrial growth of the Voronezh region.