Prospects of Innovative Development of the Machine-Building Industry in Azerbaijan

Abstract

The article discusses the priority directions of innovative development of the machine-building complex in Azerbaijan. Mechanical engineering as the most important branch of industry is an industry capable of ensuring sustainable and sustainable innovative development of the country's economy. However, in the era of globalization, this area has faced numerous problems. This can be explained by: a shortage of investments; outdated means of basic production; high competition in domestic and global markets; a shortage of qualified personnel, etc. All this makes it urgent to modernize and recreate the machine-building industry of Azerbaijan in accordance with the requirements of the time. Based on this necessity, the article examines the aspects of sustainable economic development of the machine-building industrial complex. At the end of the article, assessing the current state of the machine-building industrial complex of Azerbaijan, strategic directions of its scientifically-based innovative economic development are proposed. Keywords: strategic development, mechanical engineering, competitiveness, innovative development, state support