SYNERGY OF INNOVATIONS AND CLUSTERS: A NEW PERSPECTIVE ON REGIONAL DEVELOPMENT

The impact of advanced production clusters and integrated large markets on regional economic development under conditions of accelerated globalisation and transformation of technological and economic processes has been comprehensively analysed. Clusters are presented as geographically localised systems of interconnected interaction between enterprises, research organisations and educational institutions involved in cooperation and competition, which contributes to the generation and diffusion of innovations, productivity growth and strengthening of regional competitiveness. The theoretical basis of the research is the concepts of clusters developed by Michael Porter, which considers geographically concentrated structures as key elements in achieving sustainable competitive advantages. The role of clusters in the effect of intersectoral integration, efficiency of resource allocation and intensification of technological processes through the realisation of synergetic potential has been revealed. In addition, attention is paid to the function of integrated markets in removing barriers to the flow of factors of production and goods, which significantly increases the efficiency of regional economic systems. Despite the significant achievements of the cluster approach, the authors emphasise the insufficient study of a number of aspects of interaction between cluster structures and integrated markets, as well as the complex effects arising on their basis. The findings are significant for further study of regional competitiveness, economic integration and long-term sustainability of territorial socio-economic development.