The purpose of the article is to consider the relationship between import substitution policies and economic innovation growth, which generally obeyed the overall stabilization strategy, although it contained significant segments of innovation and structural reforms. The import substitution policy in Russia is caused by various reasons, both domestic and international. It is associated with the characteristics of economic growth, orientation towards sovereign development, and a response to the sanction and protectionist policies of other states. A special place in this policy is occupied by the Russian regions, reflecting the general needs of the country's economic development. The regional policy of import substitution, as shown in the article, is characterized by various approaches - situational, pragmatic, principled, related both to the peculiarities of regional development and to the orientation of regional government bodies. The import substitution policy has yielded results, but as it has been implemented, the desire to move towards export-oriented regional development has become increasingly apparent. The article shows the movement in this direction, the conditions for the implementation of such a policy, and institutional infrastructure. Export-oriented policies are considered in the aspect of regional development, taking into account the peculiarities of regional resources and relations with innovation policy. Particular attention is paid to the principles of “smart specialization” and “smart investment”.