Use of public-private partnership tools for regional development

Abstract

Public-private partnership is now a prerequisite for regional development. This is due, firstly, to difficulties in the performance by the state and regional authorities of socially significant functions, and, secondly, to the increased interest of business structures in new facilities for investment. The issue of using the tools of public-private partnership in order to ensure sustainable and balanced reproduction of the social, economic and natural potential of the regions, leading to an increase in the level and quality of life of the population, is particularly acute today. Budgetary funds do not allow the state and regional authorities to fully and in a short period solve these tasks, therefore it becomes necessary to directly attract the competences and investments of the private sector. The urgency of using public-private partnership in the development of regions is also due to the fact that in a relatively short period of time, gaps in the development of regions can be eliminated by combining the efforts, means, and risks of two economic entities the state and business. To date, not a single state has succeeded in creating an ideal system of partnership between the state and business, which is promising for the innovative development of regions and remains a balanced interaction of two forms of governance: public and private. Analysis of the features of public-private partnership at the regional level allowed to formulate priority areas for the development of interaction between the state and business at the regional level. Keywords–public-private partnership, regional economy, project management, development of territories