Azerbaijan reveals number of applications of foreign companies for participation in projects in Karabakh
Date
4/25/2022 6:09:44 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, April 25. To date, about
1,100 applications have been received for participation in projects
in Azerbaijan's Karabakh, of which about 390 are from foreign
companies, Chairman of board of Azerbaijan's Small and Medium
Business Development Agency Orkhan Mammadov said at 'The Role of
Entrepreneurship in Economic Development' conference dedicated to
Entrepreneur's Day, on April 25, Trend reports.
'Strategy for socio-economic development of Azerbaijan from 2022
through 2026 will create new opportunities for further business
development in post-pandemic period. Liberation from occupation of
our territories has also created additional opportunities for
business development in Azerbaijan,” Mammadov said.
“It is well known that the territory of Karabakh is rich in
natural resources and minerals, has great potential for the
development of tourism, agriculture, processing and other
industries. To date, we have received about 1,100 applications, of
which about 390 are from foreign companies,' he noted.
According to him, the activity of Azerbaijan's Small and Medium
Business Development Agency is aimed at creating new organizational
models and promoting entrepreneurship in accordance with new
challenges.
'Given that small and medium-sized businesses (SMEs) account for
99.6 percent of economic entities operating in Azerbaijan, then, of
course, sustainable development of country is closely related to
the level of development of SMEs,” Mammadov added.
“We provide support to SMEs in 35 regions of Azerbaijan and more
than 20 support centers operate there. We are actively working to
expand tools to support and finance SMEs. Our agency issues
relevant certificates to innovative entrepreneurs, which exempt
them from income tax for a period of three years” Mammadov
said.
Head of the agency also said that total turnover of
micro-entrepreneurship entities increased by 31 percent, small
businesses - by 79 percent and medium-sized businesses - by 139
percent, as a result of purposeful activities of Azerbaijani
government in 2021.
Tags:
- Azerbaijan
- business entities
- economy
- Agency for Development of Small and Medium-Sized Enterprises
- SMEs
- Karabakh
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