Conceptual foundations for improving clustering mechanisms in the sustainable development of regional economy

Abstract

This article examines the conceptual foundations for improving clustering mechanisms aimed at ensuring sustainable development of regional economies. The study highlights the role of clustering in promoting regional economic growth, enhancing competitiveness, strengthening cooperation among production and service entities, and improving the efficient use of available resources. The organizational, economic, institutional, and innovation components of clustering mechanisms are considered as an interconnected system. Particular attention is paid to the need to account for the natural-resource, production, labor, infrastructure, and innovation potential of a region when establishing and developing regional clusters. The study also emphasizes cooperation among government institutions, businesses, research and educational organizations, and other stakeholders as an important condition for the sustainable functioning of clusters. Based on the research, the key principles and conceptual directions for developing clustering in regional economies are systematized. The article proposes scientific and practical approaches to improving clustering mechanisms through the strengthening of inter-sectoral cooperation, innovation activity, institutional support, resource efficiency, and competitiveness. The findings demonstrate that an integrated approach to clustering can contribute to the formation of sustainable regional economic systems and create additional opportunities for long-term socio-economic development.