PRIVATE SECTOR`S OPPORTUNITIES IN PROMOTING OF INDUSTRIAL PARKS

Abstract

Globalization and competitive circumstances contribute to the search of new opportunities to stimulate the economy, one of the means of which is the formation of industrial parks (IP) (Kohut et al., 2023). Therefore, the object of study is IP and the subject is the private sector's potential in encouraging them. The purpose of this research article is to define the interpretation of private IP, identify its specific characteristics, their prospective assessment in the Azerbaijani context. In this regard, the objectives of the article include studying the characteristics, conceptual approaches, instruments for their encouragement, regulatory support and problems of their functioning, analyzing the current conditions in the country and putting forward guidelines of promotion. The scientific novelty of article formed from the author's grouping of specific criteria inherent to private IPs and the proposal of substantiated promising directions for their promotion in Azerbaijan. The methodology includes grouping, content-analysis, SWOT-analysis, qualitative analysis of literature, generalization. The scientific conclusions are presented in the following results: - the existence of private and mixed mechanisms for the formation of private IPs, the single point of which is the management of a private managing institution; - schemes for the implementation of PPP in IPs are implemented mainly through infrastructure construction; - international practice denies the likelihood of a private party being a managing institution; - difficulties in promoting private IPs are mainly associated with the managing institution and the formation of pseudo-IPs; - websites of owners of Azerbaijani private IPs provide some spectrum of information; - the formation of Azerbaijani private IPs through PPP; - lack of formation of the regulatory framework of the functioning of Azerbaijani private IPs. In connection with the conclusions, guidelines for regulatory improvements, monitoring and proactive activities to encourage the activities of private IPs were proposed. The practical value of the study covers representatives of authorized government structures interested in promoting the private segment in the sphere of IP, including in the face of Azerbaijani IP`s management agencies and future residents of private IPs.