Economy Minister Calls For Clarity In Azerbaijan's Innovation Policy Vision

Date

6/29/2024 10:51:56 PM

(MENAFN- AzerNews)

Nazrin Abdul Read more

Azerbaijan's vision for innovation and its policy direction need clearer articulation, according to Economy Minister Mikayil Jabbarov, speaking at today's "Baku ID" festival, Azernews reports.

Jabbarov emphasised the need for robust beginnings, stating, "Pre-session discussions highlighted that challenges faced by entrepreneurs and regulators often stem from legislative gaps. Securing the ecosystem, improving access to finance, and attracting venture capital are paramount. We've already designated appropriate spaces for the Digital Technology Transformation Centre with the aim of creating a supportive platform for entrepreneurs."

Meanwhile, SOCAR President Rovshan Najaf underscored the importance of meeting the demand for innovative products for startups.

"This is a crucial area for us as it directly reflects our efficiency," Najaf emphasised. He added that innovative products not only cater to market needs but also enhance operational efficiency, thus adding value to companies like SOCAR.

R. Najaf urged other state-owned enterprises to actively engage with startup communities, citing positive dynamics and mutual benefits.

Rahim Bayramli, CEO of the SABAH Innovation Centre, reported significant achievements, noting that startups at the centre have secured over $4 million from local and regional investors in the past two years. He projected an additional $2 million influx in the coming days, highlighting the launch of a new $25 million venture fund.

Bayramli emphasised that the SABAH fund aims to elevate startup financing, particularly focusing on companies in the South Caucasus and Central Asia with global ambitions. He expressed pride in this initiative as a pivotal step forward.

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