Scientific Collection «InterConf», (39): with the Proceedings of the 8th International Scientific and Practical Conference «Science and Practice: Implementation to Modern Society» (December 26-28, 2020) at Manchester, Great Britain

4. The process of transforming innovative thinking into business. Thus, Israel, 
Sweden, Finland, Singapore, Malaysia and a number of other countries were able to 
create a mechanism for the most flexible and effective innovation and application of 
high technologies in the economy. In technologically developed countries, special 
attention is paid to the coordination of the activities of innovative actors. Entrepreneurs 
acting as residents are provided with ample opportunities on the territory of the 
Technopark. In accordance with the changes in the legislation of the Republic of 
Azerbaijan, residents of industrial and technoparks are subject to tax and customs 
benefits (property tax, land tax, profit tax) for a period of 7 years. Residents are exempt 
from VAT and customs duties on imported vehicles, technological equipment and 
structures. 
Conditions are created for the entrepreneurial entity in the High-Tech Park (HTP) 
and work is being conducted in accordance with the time-table of the business plan. 
They are being offered legal, accounting, marketing, catering, security and other 
services. The opportunities created by the park for enterprising young people increase 
their interest in start-ups. The Center for Business Incubation operates here with the 
aim of increasing the employment of young specialists, organizing entrepreneurial 
ideas and attracting them to entrepreneurship. The center attracts teams of young 
people with innovative thinking and various projects. Young people benefit from 
incubation and acceleration programs to start their own businesses. Successful projects 
are directed to the real market, with the support of the Office of Technology Transfer, 
working within the HTP. Thus, the country is in the process of transforming innovative 
thinking into business. 
5. This is how the world's economic “giants” succeeded. Another resident, 
“Millers Oils”, one of the founders of “Millers Oils Azerbaijan” LLC, is 130 years old 
British company. Company “Millers Oils”, which works closely with ANAS, engaged 
in the production of world-famous premium motor oil. The goal of the company when 
establishing “Millers Oil Azerbaijan” LLC in our country is to expand the production 
of oil products that meet international standards. One of the main goals of the company 

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is to meet the country’s needs in this area, as well as to promote produced motor oils 
in the markets of East and Central Asia through Azerbaijan. 
“Science and Technology Park” LLC which is admitted to residency, is engaged 
in the production of electronics, automation, software, defense and civilian devices, 
drones and other electronic devices. 
Another resident, “Agro Bio Eco Tech” LLC, has been producing ecologically 
clean food products for Azerbaijan’s agriculture for 25 years. The company for the 
production of organic and mineral fertilizers operates on the basis of new technologies. 
Produces ecological and biological pesticides, organic and organo-mineral additives, 
as well as biological products for agriculture. 
“DN Technologies” LLC is a 3-D modeling and simulation and robotics 
technology company that manufactures and markets software and technology-oriented 
products.