The Prospects of Forming Innovation Infrastructure in the Economy of the Nakhchivan Autonomous Republic

Abstract

The development of innovation infrastructure is crucial to the economy of Nakhchivan Autonomous Republic for diversification and long-term growth. The paper examines the current state of affairs in Nakhchivan Autonomous Republic, focusing primarily on sectors such as renewable energy, agriculture, and technology-based firms. Although there are significant obstacles, such as a lack of finance, poor technological capacity, and geographical isolation, there are also positive opportunities. The article presents policy recommendations on how to enhance investment, build partnerships, and improve education efficiency, along with an in-depth analysis of current programs, such as government-supported technology parks and incubators. The comparative case studies of Israel and Estonia demonstrate how remote and small regions can overcome similar challenges. The findings emphasize the importance of international collaboration, targeted government support, and business sector involvement in developing innovation in Nakhchivan Autonomous Republic. This article also outlines future research needed to expand the innovation infrastructure of Nakhchivan Autonomous Republic.