Institutions for the development of the Extended Tumangan Initiative as one of the factors impacting regional economy

Abstract

The subject of this article is the examination of the institutions development institutions of the Extended Tumangan Initiative and their impact upon regional economy. The relevance of this topic is associated with the fact that the creation of special economic zones, including industrial parks, has a specifically positive effect on economic development and ability of the regions to attract direct foreign investment. The countries of Northeast Asia offer the advantages of high economic complementarity, trustworthy relations that are the foundation for economic cooperation, and the experience of industrial clusterization in form of various entities that ensure optimization of the economic structure, trade flow, stimulation of investment, and strengthening of business ties. The Extended Tumangan Initiative was created specifically for this purpose, which today serves as one of the sources of economic development in the region. The article employs the methods of scientific knowledge, which are substantiated by the research tasks in determining the place and role of the institutions of the development of the Extended Tumangan Initiative; studying the content and peculiarities of assessing the development of this territory and Russia’s participation therein; for substantiating the practical grounds of this initiative as the factor impacting regional economy. Leaning on the analysis of cooperation of the member-states in the initiative, the author highlights the following priority vectors of cooperation within the Extended Tumagan Initiative: facilitation of transboundary trade; development of the system of transport infrastructure and tourism; improvement of the system of logistics and transport systems in the region; expansion of scientific and technological cooperation; solution of environmental problems of the territory; engagement of the territories of the Extended Tumangan Initiative into global economy. The author substantiates the importance of the Extended Tumangan Initiative as the only international platform for coordination of the actions of the regional countries.