DIVERSIFICATION OF THE NAKHCHIVAN AUTONOMOUS REPUBLIC IN REGIONAL ECONOMIC DEVELOPMENT AND ITS GEOECONOMIC SITUATION

Abstract

In the article, to analyze the impact of diversification processes on the geoeconomic situation, the author revealed the content and essence of geoeconomic policy and provided an explanation of its main aspects and parameters. The approaches of scientists and researchers from different countries to the essence of geoeconomics were analyzed, and the trends and parameters that condition geoeconomic processes in the modern period were examined. The role and significance of geoeconomic policy in strengthening and expanding international economic relations were explained. During the period from 2017 to 2024, the role of diversification in ensuring the dynamics of macroeconomic indicators in the Nakhchivan Autonomous Republic was analyzed, and the directions of the impact of these processes on the geoeconomic situation were examined. The various explanations of business policy, business environment, and business activities in economic literature have been summarized, and their economic characteristics have been provided. The positive trends of the experiences formed in countries such as Norway, Malaysia, and the United Arab Emirates, which have successfully implemented diversification processes, have been analyzed, and their application possibilities in the Nakhchivan Autonomous Republic have been proposed. The economic significance of the most advanced elements of these experiences has been emphasized, and suggestions for their use have been provided. The article also comments on the necessity of the economic diversification process and the factors affecting it. One of these factors, the content and essence of business activity, was explained, as well as its impact on economic dynamics.