Features of Structural Investment and Innovative Industrial Policy in the Regions of the North and the Arctic and Assessment of Prospects for Technological Modernization of Industrial Production

To further increase the contribution of extractive industries to the gross regional product of the Northern and Arctic regions, it is necessary to increase their efficiency through technological modernization and automation of production processes. It is shown that the structural investment and innovative industrial policy in the North should be aimed at supporting the introduction of technological innovations by enterprises, primarily in the field of more complete and integrated use of natural resources. To assess the economic feasibility of technological modernization of industrial enterprises, it is proposed to use the methodology of investment and innovation analysis, which includes three stages of management decision-making. At the first stage, preliminary goals are set to achieve the necessary level of innovative and technological development of enterprises. At the second stage, a decision is made either to further improve the existing production technology or to switch to a new technology. At the third stage, various possible options for technological renewal of production are considered and the best option is determined with its subsequent implementation in the form of an investment project.