The article provides foreign and domestic scientists’ approaches to the interpretation and definition of the concept of "regional competitiveness" as an economic phenomenon. The main criteria of given category are highlighted. Two main approaches to the interpretation of the regional competitiveness as a category are analyzed. It is proved that the regional competitiveness is not simply an interpretation of either macroeconomic or microeconomic competitiveness. That means the regions can’t be analyzed neither as a simple set of companies nor as a simplified model of the national economy. The region's competitiveness is presented as a dynamic phenomenon that constantly varies under the influence of various factors and requires continuous monitoring. It is substantiated that in the long term, the competitive advantages of the region should be formed and created by the use of knowledge, increased productivity of intellectual work, the ability to innovate and generate new ideas. 

regional competitiveness, competitiveness criteria, competitive advantages of the region, productivity, regional competitiveness management, comparative advantages