MAIN DIRECTIONS OF ECONOMIC DIVERSIFICATION IN THE INNOVATIVE DEVELOPMENT STRATEGY

Theoretical bases and main directions of economic diversification are considered in our article in the context of innovative structural changes associated with innovation investments. It characterizes both internal opportunities for new investments and trends in the global market development. Based on this study the main reason of diversification has been identified; it is associated with the need to improve the economic efficiency and security in the long-term. Contours of optimal forms of the diversification as the industrial clusters in the regions are shown. Supporting mechanisms for certain production sectors are proposed that allow implementing the innovative development of the country, taking into account the peculiarities of the economic situation in Azerbaijan.