SUMMARY
The purpose of the paper is the detection, theoretical study and the analysis of key innovative approaches to regional development in modern conditions and the justification of a necessity of their use in practice. Methodology. The study is based on theoretical methods to study this problem. Theoretical and methodological basis of the study are works of scientists on the innovative approaches to the regional development in modern conditions. The dialectical method of cognition, as well as such methods as a systematic and structural analysis, logical generalization are used to study the formation of scientific positions and forming the methodological foundations of the innovative approaches to regional development. Results of the survey showed that among the existing innovative approaches to the regional development two are considered to be the most suitable in the present conditions – interregional cooperation and cluster approach. Theoretical, methodological and practical aspects of regional development, which determine the transformation of the socio-economic relations in the context of sustainability of regional development and are caused by using innovative approaches to the regional development, are described. Practical implications. The priorities of the dynamic regional development through activization of interregional economic cooperation and development of regional and interregional clusters are defined. The development of interregional and international cooperation, implementation of the potential of regional cluster initiatives, development of the system of innovation-oriented investment projects, innovative development of the industry and the realization of its export potential can lead to the qualitative structural shifts in the socio-economic development of regions and Ukraine as a whole. Value/originality. Despite the existing considerable experience of the implementation of these processes in highly developed countries, the assumption is made that the most suitable alternative for Ukraine’s economy is not mechanical copying of foreign experience but taking into account only the main features. Considerable interest shows the experience and peculiarities of using innovative approaches to the regional development especially in countries with economies in transition and in developing countries.