The article reveals the nature of the regional development and its content as a reproductive process, which stipulates the necessity of institutional management. The authors think that the regional development is a multidimensional process that changes the social structure of the region, human behavior, and social institutions. It also accelerates economic growth and reduces inequality and unemployment. The paper studies dialectical correlation between institutions and economic development in the view of the concept of national innovation systems, which allows supplementing the structure of the innovation system with the investment subsystem. We offer to form and to develop regional innovation and investment system as an integral part of NIC. We defined the legal framework for regulating formal and informal institutions of intellectual property as the main institutional factor that impede the innovation and investment process in the country. We also defined the main directions for creating the effective institutes, which promote economic development.
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