(MENAFN- AzerNews)
Ayya Lmahamad read more Azerbaijan is developing dedicated methods for its citizens'
activities in the liberated territories, Economy Minister Mikayil
Jabbarov said.
He made the remarks at the Dayag award ceremony, held on the
occasion of the 5th anniversary of the Small and Medium Business
Development Agency (SMBDA), Azernews reports.
The minister noted that the role of SMBs in the country's
diversification is invaluable, adding that they provide
flexibility, employment opportunities, and economic stability to
the country's economy.
“Dozens of entrepreneurs are already working in the liberated
territories. The benefits to be applied from January 1, 2023, to
projects to be implemented in the liberated lands are designed to
ensure stable and profitable economic activity. Lots of new
projects are expected to be launched in 2023,” he said.
Event with entrepreneurs' participation to be held in
Nakhchivan
“A big event with the participation of entrepreneurs is planned
to be held in the Nakhchivan Autonomous Republic of Azerbaijan in
2023,” he said.
Mikayil Jabbarov emphasized that the goal is to hold a
productive discussion between the state bodies and entrepreneurs
about the economic, and human potential, as well as economic
relations with Turkiye.
New financial tools
Further, noting that the Business Development Fund sets a goal
to implement new tools in 2023, the minister added that it is
proposed to implement both support measures and grant-based
instruments through the fund.
He said that one main tool has been to implement concessional
loans through the Entrepreneurship Development Fund.
“The fund covers thousands of projects, but the use of this tool
alone does not meet today's demand. From this perspective, we will
create a range of financial tools in accordance with the demands of
the Azerbaijani economy. In this regard, we will make a
presentation in the first quarter of the next year,” he said.
Entrepreneurship development
Speaking at the ceremony, Assistant to the President Shahmar
Movsumov stated that the increase of the share of SMBs in GDP in
the non-oil and gas sector to 35 percent is one of the main goals
in the socio-economic development strategy of Azerbaijan for
2022-2026.
He added that it is also planned to bring the share of
employment of SMBs in the non-oil and gas sector to 60 percent.
“The development of entrepreneurship in Azerbaijan is defined as
the main driver of economic growth,” he said.
Shahmar Movsumov also underlined that the development of the
private sector in the country, including micro, small and
medium-sized businesses, will increase the interest of domestic and
foreign investors in Azerbaijan's economy.
“In addition, non-oil exports will expand. All the steps taken
at the initiative of the president are aimed at the development of
entrepreneurship, in particular of SMBs, in the country,” he
said.
Creation of SMB cluster companies
“Starting next year, practical steps will be taken in Azerbaijan
to create SMB cluster companies, which are subject to a number of
tax benefits,” Small and Medium Business Development Agency Board
Chairman Orkhan Mammadov said.
He noted that in 2023 the agency plans not only to expand the
existing support mechanisms but also to implement new
initiatives.
“In order to obtain practical knowledge and improve the SMBs'
performance in the field of business organization and management,
work is underway to implement the model enterprise pilot project,”
he said.
Noting that the project has been successfully applied in
international practice, he stated that it is planned to complete
the project during the next year.
Moreover, he said that activities will continue to restore
Karabakh and return the SMBs sector to Azerbaijan's liberated
territories.
Orkhan Mammadov added that in the coming period, the promotion
of Karabakh's business potential among local and foreign investors,
the reception and generalization of applications from entrepreneurs
interested in activities in this region, as well as the
coordination work necessary for business creation, will also be
ensured.
“The listed fields are part of our strategic agenda. Of course,
there is still a lot of work and projects to be done, and we
believe that we will achieve our goals within the active platform
for cooperation between the public and private sectors,” he
said.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @ayyalmahamad
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Tags: azerbaijan shahmar movsumov entrepreneurship mikayil jabbarov nakhchivan autonomous republic orkhan mammadov azerbaijan's liberated territories small and medium business development agency (smbda)