The demands of our time (the fourth and fifth industrial revolutions) dictate new approaches to creating and implementing industrial policy in Russia. There is a focus on investments in industrial infrastructure, the use of the most modern and advanced technologies as well as the training of a highly skilled workforce in the interests of the backbone sectors of Russian industry. In recent years, in Russia’s industrially developed regions, which include the Ural Federal District, the state and business have invested a substantial amount of funds in implementing major and significant projects to spur the socioeconomic development of the regions. These projects have helped to create new highly productive jobs as well as significantly renovate the production base of organizations in the real sector of the regional economy and, in some cases, create modern accompanying social infrastructure, which is much needed at the local level and has made it possible to improve people’s quality of life. In its work, the government is focused on increasing the rapid rates of industrial development in the regions, while bearing in mind its importance from a socioeconomic standpoint, and supporting employment among the population. Of course, business also plays an important role in such work by ensuring parity and making joint efforts with the state to maintain the appropriate investment activity. What level of investment is needed to support existing production and develop new technologies? Who should make this investment? Should the state support all sectors or only strategic ones? Is it worth “injecting” public money into unprofitable projects if they ensure high levels of employment? Which state support measures have worked well and what is missing?