Prospects for import substitution from the development of industrial specialization in the Russian regions

Introduction. The article examines industrial specialization of the regions in the Volga Federal District. The sanctions introduced against the Russian state revealed the need to focus on the industries which could ensure efficient and rapid import substitution. This problem was identified since the first restrictions, which had a positive effect on agriculture and food industry. The purpose of the study is to determine the key commodity groups of imports and analyze the prospects for the development of industries which could rely on the current specialization of the regions to produce goods of these groups. To identify promising industries which can be further stimulated by public support measures, it is necessary to analyze the current specialization industries which could later be invested into for the development of new activities or the upgrade of existing ones. Materials and Methods. The specialization industries were identified by such indicators as per capita production, specialization coefficient, and inter-district commodity coefficient. The performance of the largest regional enterprises was analyzed by their revenue, which confirmed the identified specialization industries. Next, the results of the identified specialization industries were compared with the product groups that make up a significant share of imports. Results. The study revealed that mechanical engineering and chemical products dominate in the imports of the entities. In the future, these products can be replaced with the goods domestically produced with the existing specialization industries. Conclusions. The practical significance of the study is that the results can be used in regional management to develop growth strategies from the current regional specialization and existing technologies.