The CHARACTERISTICS OF INDUSTRIAL DEVELOPMENT IN THE NAKHCHIVAN AUTONOMOUS REPUBLIC

Abstract

The article analyzes the main features of the development of industry in the Nakhchivan Autonomous Republic. The selection of the right development strategy based on the sustainable development of industry in the region, the comprehensive conditions created for entrepreneurship development, and free access to financial resources have created conditions for achieving positive results in the industrial sector. Measures aimed at the establishment of modern industrial enterprises and diversification of the economy within the framework of the industrialization policy have not only increased the share of local products in meeting domestic demand, but also expanded export opportunities. The declaration of 2022 as the "Year of Industry" has further accelerated this process. As a result, the favorable economic environment created for the development of industry in the Nakhchivan Autonomous Republic, the industrialization policy implemented with the support of the state, and the application of modern technologies have increased the industrial potential of the region. In the coming years, it is planned to continue measures aimed at developing the non-oil sector and increasing the share of industry in GDP.