International and foreign economic relations of megacities and regions of Russia as the most important factor in the economic development of the territories

In this paper, the authors hypothesized that the development of international and foreign economic relations during visits, receptions of foreign delegations, exhibitions and other international contacts held in a certain territory directly affects the development of foreign economic activity and, accordingly, is one of its most important factors of its economic development. The aim of the study is to substantiate this hypothesis based on the collection, analysis and comparison of relevant economic indicators. An author’s forecast was made on the intensification of the process of further shifting the emphasis in coordinating the foreign economic activity of the federal subjects of the Russian Federation from federal to regional levels, related to the successful implementation of the additional powers by the regions granted to them in the pandemic and the prospects in this regard for the development of federalism in Russia. The authors also note the special role of foreign economic activity in the economic development of certain territories. The work is of interest from a scientific and cognitive point of view, taking into account some features of the dynamics of economic development and the implementation of international and foreign economic relations of the federal subjects of the Russian Federation and megacities, using the example of Ural Federal District, including Sverdlovsk Oblast and the capital of Ural, Yekaterinburg, in modern conditions. The results of the study can be used by federal and regional government bodies, local governments in the formation and implementation of territorial development strategies, scientific institutions in the territorial development and investment potential of cities and regions, higher education institutions in the process of studying issues of regional, national and world economy.