THE ROLE OF INNOVATION IN ENSURING SUSTAINABLE ECONOMIC DEVELOPMENT OF AZERBAIJAN

Abstract

The current state of the world economy shows that countries in which innovative activity is developed receive significant competitive advantage, which is manifested in the fact that the intellectual products they produce, as well as ordinary goods and services, are in high demand on the part of those states in which innovative activity underdeveloped and which specialize in the production of material goods. In modern Azerbaijan, which is the most dynamically developing country in the region, increased attention is paid to the development of innovation. The innovation policy pursued by the Azerbaijani state implies the creation of the necessary conditions for production, the dissemination and implementation of new knowledge and technologies. One of the most important features characterizing the development of the national economy in the modern period is the rationalization of innovative activities of entrepreneurs. And this, among other things, depends on the effectiveness of innovation management.