A business forum and a credit fair have been arranged today in
Some 1.5 billion manats (0.32 million U.S. dollars) are on the agenda of the credit fair, and will be given to entrepreneurs to realize projects that will provide the opening of 150 new job places. The previous event has been resulted in the approval of 5 billion manats (1.06 million U.S. dollars) in more than 40 credits envisioning the funding for different small- and medium-size businesses.
Addressing the business forum, the head of the executive power of the Jalilabad District, Taleh Garashov said that the money is a clear result of the implementation of the State program on socioeconomic development of regions. “New businesses have started to operate here, in our region, along with a package of measures aimed at rehabilitating and reconstructing industrial capacities. Some 7,000 jobs вЂ" including 1,300 permanent jobs вЂ" have opened since the implementation of the Program in the Jalilabad District. The employment has been mainly provided through the financial support by the Government and improvement of lending mechanisms,” Garashev said.
The Government of Azerbaijan supports small- and medium-size businesses through the National Fund for Entrepreneurship Support вЂ" a structure in charge of allocation of budget funds for business support. Throughout its activity, effective since 1992, the Fund has received 345 billion manats (73.4 million U.S. diollars) of the corresponding funding from the Government, with the bulk of the money вЂ" 280 billion manats (59.6 million U.S. dollars) вЂ" coming over the past three years.
Minister for Economic Development Farhad Aliyev, a native of Jalilabad, also participated in the event. He admitted to the existing problems entrepreneurs are facing with the obtaining of loans. According to the minister, among major problems are: the assessment of the property on security of the loan, as well as dislocation of the pledged security (as lending agencies are reluctant to take regional properties on security of loans), the difference between state and market prices of land, improper preparation of business plans, etc.
Meanwhile, Aliyev also said that the Jalilabad District is very attractive region in terms of potato cultivation, wheat planting and cattle-breeding.
He added that regional business forums and accompanying credit fairs give a strong impetus to the implementation of the State Program [on socioeconomic development of regions]. The minister noted that the success of regional businesses depends on the development of the corresponding legislative base and business awareness of entrepreneurs themselves. “The Government has set up conditions for (business) development, and the appropriate legislative base is functioning, with farmers enjoying tax privileges. What is left to do is raising the business awareness of entrepreneurs,” the minister stressed.