New business projects to be launched based on scientific discoveries

/AzerNews/

By Nigar Orujova

New business projects on production of innovative goods will be launched based on the discoveries of Azerbaijani scientists, Azerbaijan’s Communications and High Technology Minister Ali Abbasov said.

A special research center under the Ministry is working closely with the Azerbaijani National Academy of Sciences, and many universities of the country, he added.

"Together with scientists, necessary scientific, technical and engineering works are carried out. At the next stages, business projects will be used for the production of new products of the innovative type," he said.

Abbasov noted that despite the fact that Azerbaijan has created great opportunities in this area, production aimed at strengthening of the innovation export capacity is underdeveloped in the country.

"In accordance with the decree of the Azerbaijani president, the conditions were created for the development of specific innovative entrepreneurship, especially designed industrial parks and special benefits. On the other hand, for the expansion of innovative business special funds set up to provide financial support to private companies in Azerbaijan. They are allocated grants, concessional loans, opportunities for investment in these areas created,” Abbasov noted.

The minister believes that all this will strengthen the competitiveness of Azerbaijani companies in the international market. Thus, it will be possible to increase the export capacity of the country.