Page 29 - Azerbaijan State University of Economics

Nazim O.Eminov: The problems of formation of regional innovation strategy in Azerbaijan

factory, Sumgait Aluminum factory and Ganja clayey soil factory based on

updated technology is one more step ahead of development of metallurgy industry

in Azerbaijan. Construction of Dashkesan Ore Refinery factory based on high level

technological and environmental standards will contribute into the further

development of metallurgy in Azerbaijan.

One more promising industry in Azerbaijan is oil machine construction realm.

We believe that existing oil and gas reserves, neighborhood with oil and gas

extracting countries and existence of historical experience in this industry creates

the most favorable conditions for development of this industry. At the same time

this development can be accomplished by the assistance of the foreign companies.

Foreign direct investments are considered one of the most efficient ways of

attraction and development of technologies in the country. Thus the government

can develop the oil machine construction industry by establishment of joint

ventures with the foreign companies by holding the major shares in them.

Currently Azerbaijan created all necessary conditions for development of such

technological realms as electronics, equipment and car/machine production. The

researches shows that the most efficient way for development of this direction is

establishment of production on import of spare parts and assembly the final

products on the territory of Azerbaijan. Considering that this realm is quite

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