Local Production Systems (LPS) could be characterized in different ways, thus their definition is neither simple, nor unified task. One of the most popular definitions is the one given by Local Production & Innovation Systems Research Network – “territorial union of economic, political and social actors, whose efforts are focused on a specific group of interrelated activities”. LPS have strong impact on regional development. To this end, LPS establishment and functioning in the EU member states and in third countries are subject to intensive research and discussed in different strategic documents. As of the ‘90s of the last century LPS in EU(15) are in a process of constant development while in the new EU MS and in third countries they are still in the initial phase. The world economic and financial crisis further attracted the attention of the researchers to LPS establishment and functioning. FOLPSEC aims at deepening the theoretical studies on LPS and to encourage their practical implementation as an approach for world crisis overcoming. It has the following objectives:1. To exchange knowledge on research approaches in studying LPS and to make recommendations for EU good practices implementation in the conditions of economic crisis;2. To share partners’ results on LPS functioning concerning economical and social regional acceleration and regional disparities relative overcoming;3. To make use of knowledge gained and good practices identified for research and teaching purposes at all partner institutions;4. To establish long-term research cooperation between EU and Third countries and to strengthen research partnerships.In order to achieve our goal we created a network of partner institutions located in EU(27) member states (Bulgaria, Poland and Slovakia) and in Eligible Third Countries (Russia and Ukraine).