The article describes long term possibilities for participation in domestic machine engineering in major economic projects. The basic relationships between economic, institutional, and technological factors of regional development are identified. Some ideas are proposed for the substantiation of innovative develop ment programs for the Arctic Zone of the Russian Federation.

Within the rent-and-raw material model of Russian economy the state's attempts to stimulate import substitution do not generate innovative type of economic development and rebuilding of its industrial sector, competitiveness on the domestic market. In high entropy of market processes it becomes obvious that without recovery of effective global production chains in Russian economy the risks of economic and geopolitical security of Russia, the final loss of Russian technological identity, the loss of international competitiveness and securing raw material vector of long-term social and economic development are increasing. Therefore, it is machine building, as an industry, being a member of most production chains must become a driver of import substitution. Innovative development of machine building is especially in demand in such industrialized region as Kuzbass. Its major industries-coal, metallurgical, chemical-are in need of machinery products. The article describes the features and tools of machine building innovative development.

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⎯This paper explores the efficiency of investment and innovative technological activities pursued by regions that take part in the Arctic Development Program of the Russian Federation. The study is based on the use of specific methods and tools applied for assessing the effects generated by these activities taking into consideration the priority development of manufacturing and machine-building industries.

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