THE MECHANISM OF GOVERNMENTAL PROMOTION OF INDUSTRY MODERNIZATION IN AZERBAIJAN

The large-scale investments into priority sectors of industry are required for improving the efficiency of Azerbaijani economy. However, the financing of major projects on production modernization and infrastructure development is impossible without government support which has sufficient investment resources. Thus, nowadays the modernization of the industry remains a major nationwide task. The successful implementation of this task requires the development and effective functioning of the national system of support of innovation and technological development. The last one promotes the massive improvement of production capacities based on advanced scientific and technological developments. This requires a competitive national research sector, which can lead the economy to the innovation development way. It is also important to provide support for innovative business and expand the demand for innovation in the industry.