FOREIGN ECONOMIC ACTIVITY OF INDUSTRIAL ENTERPRISES: INNOVATIVE APPROACHES TO ENHANCING COMPETITIVE ADVANTAGES

Abstract

The article examines the current problems of foreign economic activity (FEA) of domestic industrial enterprises in the context of globalization challenges and the state of war. The authors emphasize the need to create new mechanisms for managing competitive advantages and to search for innovative approaches to increase the competitiveness of products on foreign markets. It is noted that entering foreign markets is complicated by a significant number of external factors and requires compliance with international quality standards. It is emphasized that most industrial enterprises have outdated equipment and an unstable financial condition, which complicates their competitiveness. To solve these problems, it is proposed to introduce innovative strategies using foreign investment, technological modernization, product certification, and building up qualified labor potential.

The article considers internal (technical-technological, production-functional, qualification-labor, organizational-managerial) and external (communication, market-conjunctural, institutional-legislative, logistics-informational) competitive advantages. A quantitative assessment of competitive advantages in several stages is proposed, including determining the goal, competitors, comparison parameters, an integral indicator, and developing measures to increase the level of competitive advantages.

The main innovative approaches to increasing competitive advantages are identified as: state support for reproductive processes; insurance of investment risks; state capital investments in profitable projects; elimination of sectoral imbalances; improvement of the legal framework to stimulate FEA; development of equipment leasing; formation of projects with a longer payback period; and projects with accelerated self-sufficiency; as well as reducing the import dependence of innovative enterprises. The implementation of these approaches will allow industrial enterprises to effectively carry out FEA and compete in foreign markets. Further research should be aimed at a more detailed development and implementation of the proposed innovative approaches.