The Role of Innovations and Their Impact on the Economy of the Food Industry in the Nakhchivan Autonomous Republic

Abstract

Innovation is inevitable to ensure development in any field, and one of the areas to be developed is the food industry. Innovation strategies in the food industry should be based on the overall technology of the food system and should be associated not only with technological changes but also with social and environmental changes. Thus, during food production, it is necessary to develop a product that meets personal desires and social needs. The application of new techniques resulting from the development of technology in modern industrial enterprises is the main direction of economic activity in these areas. The replacement of existing equipment with innovation-oriented equipment, of course, has a positive impact on the activities of enterprises. Thus, the products produced by the existing technology lag behind modern requirements, and as a result, the enterprise suffers. When we look at the world experience, the widespread use of new technologies in production relations also ensures the competitiveness and flexibility of the production process by further increasing the existing capabilities of industrial enterprises. The article examines the share of food industry enterprises in the economy of the Nakhchivan Autonomous Republic and the need to apply innovative ideas and technologies to increase this share and notes the results obtained.

Sources of financing for increasing the competitiveness of the food Industry in Azerbaijan

“…The disadvantage of the article is that it does not present calculations for the financing of the proposed innovations. The article of M. Suleymanov (2022) presents evidence of the importance and necessity of introducing the ideas of the scientific and technological innovations -innovative developments in order to achieve an enhance in the share, in the overall volume of the regional gross product of the Nakhichevan Autonomous Republic, enterprises and organizations involved in the production of food products; issues of financing the proposed directions for increasing competitive advantage are not considered.…”