The Novgorod region is located in the north-west of the European part of Russia and is one of the oldest historical and cultural territories of the country.

The basis of the economic potential of the region is the production and industrial sector, where industry forms 88 % of the total profit received.

The region is covered by a wide network of railways and highways, including the M10 federal highway and the M11 expressway.

The dominant economic activities of the region are:

• chemical production;
• production of food products, including beverages;
• wood processing and production of wood products;
• pulp and paper production;
• production of electrical equipment;
• production of vehicles and equipment;
• production of other non-metallic mineral products;
• metallurgical production and production of finished metal products;
• the production of furniture.

The fundamental principles of forming the development strategy of the Novgorod Region include:

• the need to preserve the special role of the region as a region historically closely associated with the formation of the Russian statehood;
• ensuring sustainable socio-economic development of the region as a region on the border of the Central and North-Western Federal Districts with a diversified economy that is resistant to a dynamic system of challenges;
• formation of an integrated approach to solving demographic, migration, social and economic issues.