Formation of the Mechanism of Public-Private Partnership as a Factor of Innovative Development of the Regional Economy

Abstract

The relevance of the problem stated in the article is due to the fact that in the conditions of innovative development of the regional economy, the problems of interaction between the state and business are constantly in the spotlight. The interaction of state and business is considered as a certain structure that can initiate new ideas and ensure their commercialization. Especially the formation of the mechanism of public-private partnership is proposed to be used as a factor of innovative development of the region's economy. According to studies carried out, the formation mechanism of publicprivate partnerships and the transformation of business structures of the Russian Federation in the conditions of innovative development provides an influx of large private investments into the economy, as well as an increase in the quality of goods and services provided to consumers, which favorably affects economic development and increase of business competitiveness. It is also determined that the use of the mechanism of public-private partnership will make it possible to change the target landmark of the decision-making process, which is associated with increased activation of innovative activities and the transition from traditional to more consistent and effective management decisions.