Vector analysis of regional cluster initiatives

Research paper discusses the development of regional industrial clusters. Cluster initiatives are a popular instrument of public policy everywhere in the world. The article considers aspects of integrating structural elements of the cluster  as well identifying opportunities and challenges during the formation of industry clusters. The findings suggest that the cluster-oriented policy of the industry contributes to employment growth, investment and fast spread of advanced technologies in the economy. The empirical study investigates a regional cluster in the Kursk region. A vector analysis of cluster initiatives of the Kursk region allowed us to create priorities for the implementation of cluster projects on major industries and occupations. The formation of clusters is seen not only as an integration process that takes place within the industry, but also takes into account the interaction between cluster members within the system and with other institutions outside the spatial localization. The development of cluster initiatives in the region will enhance the competitive advantages of the territory and improve the efficiency of production through investments from external  resources. The authors give recommendations on the formation of regional industrial clusters.