Azerbaijan Talks Dominant Share Of Smes In Business Sector
(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 2. SMEs make up 99
percent of business entities in Azerbaijan, Board Chairman of the
Azerbaijani Small and Medium Business Development Agency (SMBDA)
Orkhan Mammadov said at the conference on 'Prospects for the
development of alternative financial markets in Azerbaijan',
trend reports.
According to Mammadov, global changes have a negligible negative
impact on the activities of small business entities.
'The introduction of alternative sources of financing will have
a positive impact on the development of entrepreneurial activity.
Today we see that the share of Islamic banking is growing day by
day,' he said.
The official noted that in order to prevent global influences on
the Azerbaijani economy, a national strategy until 2026 was
adopted.
'As part of this strategy, it's planned to implement a number of
projects, including the SME investment fund. This instrument will
serve as a good alternative source for SMEs,' Mammadov
stressed.
The board chairman added that within the framework of the
implementation of Islamic banking in Azerbaijan, an appropriate
consortium was created and a road map was adopted.
The SMBDA was established under the Decree of the President of
the Republic of Azerbaijan Ilham Aliyev dated December 28,
2017.
The agency's objective is to support micro, small, and medium
businesses development in the country, strengthen the role of small
and medium businesses in the national economy, increase their
competitiveness and contribution to the national development
indicators, participate in the protection of SMEs interests and
problems resolution, facilitate SMEs institutional support
mechanisms, coordinate activities of government agencies and
private institutions in this area.
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