Azerbaijan, Baku, September 30/ Trend A.Akhundov /
The World Bank (WB) has named the factors impeding development of entrepreneurship in Azerbaijan.
On Monday the World Bank conducted a presentation of the report 'Promoting Entrepreneurship in Azerbaijan'.
'The main goals of the development strategy of Azerbaijan are to diversify the non-oil sector and provide employment. Support for fast-growing businesses can help Azerbaijan achieve its goals', the report said.
According to the report, the level of introducing innovation by companies with high growth rates still remains low.
'Among the factors that hinder the development of business is weak competition, especially among small companies. The financial systems are not suitable for business development and in particular high interest rates and stringent collateral requirements are obstacles. Moreover, the provision of risk capital is insufficient. Very few companies have confirmed they resort to local finance systems and the majority use their own resources for business development', the report said.
In addition, according to the document, entrepreneurs face difficulty finding qualified personnel, especially in the field of entrepreneurship.
'The government can play an important role in addressing these issues, particularly in the formation of a new financial policy', the report said.