INNOVATIVE INVESTMENT TOOLS TO STIMULATE ECONOMIC DEVELOPMENT OF THE REGIONS

Introduction. Increasing the role of innovative elements in the structure of the economic mechanism of sustainable development causes changes in the system of social reproduction: its structure, proportions and forms of capital accumulation, the ratio of industries; the structure of expenditure and consumption of society. The speed of development of the innovation process under the influence of such elements leads to changes in the criteria and evaluation of economic and non-economic efficiency of social production. Moreover, even the signs of innovative economic development are subject to the process of transformation. Accordingly, it is innovative investment instruments that can become a modern and relevant tool for stimulating the economic development of regions.Purpose. The purpose of this study is a theoretical and methodological justification of the place and role of investment and innovation in the formation of modern policy of economic development of the regions of Ukraine.Results. The article outlines the tasks and prerequisites for the development of innovation infrastructure in entrepreneurship in the regions. Elements of subject-object relations in the process of development of innovations and attraction of investments in development of the region are allocated. Depending on the dynamics and timing of the innovation project, the elements of the innovation mechanism are divided into regulators, stimulants and moderators; for the subjects of use –the elements used by public authorities, transnational corporations, enterprises. Such classification of elements of ensuring innovative development gave the basis to allocate the main directions and components of innovative and investment tools the main directions of development of investment and innovative component of business activity in regions of Ukraine are formulated. As a result, the features of the industrial policy of innovation and investment development of the regions of Ukraine and the ways of formation of regional innovation policy as an organic component of the state are highlighted.Originality. The article substantiates the need for the integration of instruments to stimulate innovation and investment development in the system of regional industrial policy and the corresponding transformation of the state strategy of economic development.Conclusion. Instruments of innovation and investment development of regional economies cover scientific and technicaldevelopment, information and organizational support, loyalty to regulatory. Approval of the innovation and investment model of the national economy development is an alternative way for Ukraine, which allows to ensure the competitiveness of the domestic economy, opens the opportunity to integrate into the global integration processes as an equal subject, to ensure faster rates of economic growth relative to the developed countries of the world and to create an economic basis for the introduction of high social standards inherent in the developed countries of the world