Efficiency of Innovation and Investment Development of the Country’s Energy Complex in Conditions of Instability
Babych D. V., Chobitok V. I., Chobitok I. O.

Babych, Dmitriy V.,., Chobitok, Viktoriia I., and Chobitok, Ihor O. (2024) “Efficiency of Innovation and Investment Development of the Country’s Energy Complex in Conditions of Instability.” The Problems of Economy 3:68–75.
https://doi.org/10.32983/2222-0712-2024-3-68-75

Section: Economics and national economy management

UDC 330.34

Abstract:
The aim of the article is to provide theoretical and practical substantiation of the problems of efficiency of innovation and investment development of the country’s energy complex in conditions of instability. According to the results of the study, it was found that the energy sector plays a key role in the development of the national and global economy, while the growing dependence of industry, agriculture, transport and the population on energy is the result of society’s desire to improve the quality of socioeconomic standard of living. The increase in energy consumption due to the active development of scientific and technological progress and the expansion of its use require the sustainable development and functioning of the country’s energy sector. The sustainable development of the country’s energy sector affects energy security, the environment, the health and lifestyle of the population, socioeconomic relations, etc. Therefore, studying the active development of innovation and investment activities in the energy complex of the country is relevant in the modern realities of today. Active innovation and investment development of the country’s energy complex consists in large-scale strategic planning, regulation, stimulation of innovation and investment, as well as preservation of the interests of consumers and the State as a whole. The essence of active innovation and investment development of the country’s energy complex is not solely taking the role of a regulator, but also being an active participant in the process of modernization and transformation of the energy sector on a global scale. In the turbulent conditions of economic transformation, it is also necessary to form a scientific substantiation of the patterns of development of regional innovation systems. Also to develop appropriate institutional mechanisms for their improvement on the basis of generalization and integration of current foreign experience, comparative analysis of the formation of modern models, taking into account the peculiarities of innovation and investment processes in a particular region. The development of institutional mechanisms for improving and stimulating the investment and innovation development of the country’s energy complex should be based on the regulatory framework for intensifying the generation of innovations, the development and implementation of innovative projects and attracting investments for their implementation. With the help of effective institutional mechanisms, it is possible to ensure the production of advanced technologies, and, consequently, access to financial resources for economic entities.

Keywords: efficiency, innovation and investment development, energy complex, instability, energy security, region, government programs, management.

Fig.: 4. Tabl.: 1. Formulae: 1. Bibl.: 14.

Babych Dmitriy V., – Doctor of Sciences (Economics), Professor, Professor, Department of Marketing, Management and Entrepreneurship, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: babych@karazin.ua
Chobitok Viktoriia I. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Marketing and Trade Entrepreneurship, Educational and Scientific Institute "Ukrainian Engineering and Pedagogical Academy" of V. N. Karazin Kharkov National University (16 Unіversytetska Str., Kharkіv, 61003, Ukraine)
Email: vika_chobitok@ukr.net
Chobitok Ihor O. – Candidate of Sciences (Economics), Professor, Senior Lecturer, Department of Economics and Management, Educational and Scientific Institute "Ukrainian Engineering and Pedagogical Academy" of V. N. Karazin Kharkov National University (16 Unіversytetska Str., Kharkіv, 61003, Ukraine)
Email: Igor_chobitok@ukr.net

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