Vladimir Minakov, D.Sc. (Tech.), Professor, Saint Petersburg State University of Economics (St. Petersburg, Russian Federation)

Armen Galstyan, Ph.D. (Econ.), Associate Professor, North Caucasus Federal University (Stavropol, Russian Federation)

Lyudmila Piterskaya, D.Sc. (Econ.), Professor, Kuban State Agrarian University (Krasnodar, Russian Federation)

Maria Radchenko, Ph.D. (Econ.), Associate Professor, Financial University under the Government of the Russian Federation, Krasnodar Branch (Krasnodar, Russian Federation)

Ansatasia Shiyanova, Ph.D. (Econ.), Assistant at the Department of Global Information Resources and E-Business, North Caucasus Federal University (Stavropol, Russian Federation)


This article analyzes the efficiency of investment in various sectors of the economy of Russias Northern Caucasus. It has been established that the largest cash flow from investments is generated by enterprises engaged in agricultural production and processing, as well as high-tech enterprises. A survey of the most efficient agricultural enterprises shows that the most competitive and profitable ones are those that have been restructured based on innovative forms of organization and management and innovative technologies in basic production processes. In the structure of innovative development, the authors identify innovations that use information and communication technologies (ICT). It is shown that these technologies provide the basis for the ongoing convergence of modern innovations in the economy of the Northern Caucasus. This is particularly characteristic of services provided to the public. For example, the tourism industry has been developing with positive revenue growth due to the emergence of online aggregators presented in the Web services market by companies engaged in integrating travel services. First, they promote the services of tour operators, and second, they perform the function of logistic integration. As logistics hubs, they initiate flows of financial and other resources through systems of online orders and payments. Significant progress has been made in road transport services. In this market segment, a decisive role is played by online taxi booking services, GetTaxi (Gett), and others. They have provided innovative technological solutions using mobile gadgets and applications, which significantly increase the market penetration of innovative forms of services. In agricultural production in the Northern Caucasus, a new driver of revenue growth is workflow automation based on innovative smart firmware devices. They enable rational situational decision making based on real-time measurement and analysis of production processes. Such management leads to a significant increase in crop yields with a simultaneous reduction in costs. In our view, the intellectual skills of personnel who service innovative equipment are of fundamental importance in this context. The formation of human capital with a higher intellectual level requires the development of the education system and investment in institutions for advance training of personnel and the development of new competencies. This helps to create a system with positive feedback, self-regulation and development. The stability of system relationships in the economy of the Northern Caucasus has stood the test of the crises of 2008-2009 and 2014-2015. Consequently, the established innovative development trend should also be seen as fundamental for government agencies responsible for the development strategy of the Northern Caucasus and investment in its infrastructure.

Keywords: innovations, regional economy, efficiency, cash flow from investments, information and communication technologies (ICT), convergence.

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