Innovations play an important role in the development of Azerbaijan’s economy, increasing competitiveness and enhancing the country’s export potential, Azerbaijani Minister of Economy Shahin Mustafayev said Dec. 10.

Axar.az reports citing Trend.

The minister stressed that Azerbaijan’s integration into innovative processes, transition to innovative economy have been outlined in the strategic road maps covering various areas, in the programs, as well as in the "Azerbaijan 2020: Look into the Future" development concept.

"These programs coincide with the UN 2030 Agenda for Sustainable Development," Mustafayev said.

Mustafayev added that promotion of investments in innovations, as well as the use of scientific achievements in various sectors of the economy are outlined in the strategic road maps.

The winners of the 2nd Republican Innovation Contest were awarded in Baku.

Azerbaijani Minister of Economy Shahin Mustafayev, Minister of Culture Abulfas Garayev, Minister of Transport, Communications and High Technologies Ramin Guluzade, Chairman of the State Agency for Public Service and Social Innovations Ulvi Mehdiyev, Head of the UN Office in Baku Ghulam Isaczai and representatives of Ernst & Young attended the event.

Following the event, a memorandum of understanding was signed by the abovementioned structures and Ernst & Young.