Azerbaijan To Back Commercialization Of Technological Discoveries - Deputy Minister

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 30. Within the context of the Socio-Economic Development Strategy for 2022-2026, Azerbaijan will encourage the commercialization of research and technological developments (TDA), Azerbaijan's First Deputy Economy Minister Elnur Aliyev said, Trend reports.

He spoke at the InMerge Innovation Summit in Baku.

"Azerbaijan will finance R&D expenditures and construct TDA infrastructure for this purpose during the next decade. Recognizing that technology commercialization is now a development priority, the country is dedicated to translating research findings into tangible benefits. As a result of these steps, we will facilitate the market entry of innovations and endeavor to reduce TDA spending to 0.1 percent of GDP," he noted.

"Given to the socio-economic development plan for 2022-2026, Azerbaijan is developing a digital economy strategy closely linked to innovation, this strategy will be based on a holistic approach encompassing business, government, and society and will be fully in line with the goals and objectives set by the UN in the document 'Transforming our World: the 2030 Agenda for Sustainable Development," he added.

The InMerge Innovation Summit has started in Baku on November 30 and will end on December 1.

InMerge, the region's largest innovation summit, is aimed at bringing together prominent organizations, entrepreneurs, and investors to debate the topic of innovation and potential alliances.

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