Key Competencies as the Grounds for Smart Specialisation of the Regions

Main provisions of the concept of smart specialisation of a region have been studied, and close correlation thereof with development of the system of key competencies at the territorial level has been ascertained. It has been acknowledged that smart specialisation should be based on the key competencies of a region, thus, contributing to their development and strengthening. Integration of the potentials of these concepts allows the regions to elaborate and implement the economic development strategies that stimulate innovation, diversification and competitiveness. Such a synergistic approach creates the positive prerequisites for ensuring the long term regional economic development.