Page 66 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.79, # 1, 2022, pp. 50-68

IV. CONCLUSION AND SUGGESTIONS
The current stage of economic growth is based on the effective use of knowledge
and information, which leads to the development of innovative economic growth.
Innovative economic growth is the increase in GDP through the application of new
technological advances in the national economy and the creation of new and better-
quality, highly competitive products and services. According to the statistics, our
country is still lagging behind in the activities and applications of innovation, and
there is a need for serious improvement in this area. That is why the government
have to implement proper innovation policy. Taking into account the multifaceted
features of innovation, the enrichment of innovation policy in in the Republic of
Azerbaijan have be ensured.

For this purpose the government should take the responsibility for risk sharing
between stakeholders in order to establish the right partnership and cooperation in
this area that is why the following measures should be taken into practice:

• Ensuring the improvement of laws and regulatory frameworks in the field of
innovation;
• Conducting proper coordination in terms of the complexity of innovation;
• In order to facilitate partnerships and cooperation among innovation
stakeholders, the authorities should develop a state policy and plan to attract
targeted investment;
• To form a relevant normative legal framework covering the goals, tools, and
mechanisms for the development of the financial system in Azerbaijan so
that the issues of initial financing, which are critical in the field of innovation
and the activities of startups, are resolved.

Also, in order to accelerate achieving innovative development and sustainable
economic growth, the following measures have been proposed in this article:

First, to ensure the innovative development of all regions of our country. For this, it
is important to adopt regional innovation programs for each region of the country.
The regional innovation programs have to ensure that organizational-technical,
technological, social, economic, etc. measures are implemented with regard to
achieving the sustainable economic development of the regions. The sequence,
duration, and execution of these measures, as well as the information base of the
measures, must be clearly indicated.

✓ Second, an innovation strategy must be adopted and state programs have to
be composed to address each of the problems outlined in this strategy.

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