Azerbaijan interested in Israel’s experience

Azerbaijan Materials 13 January 2012 20:34 (UTC +04:00)

Azerbaijan, Baku, Jan 13 /Trend H.Veliev/

Azerbaijan intends to use Israel's experience in venture financing of innovative projects, chairman of "Innovation and intellectual property" public organization, head of the scientific and organizational department of the Azerbaijani National Academy of Sciences Aminaga Sadigov told Trend on Friday.

Sadigov said that Azerbaijan has acquainted with Israeli experience in this area during the visit of the Azerbaijani delegation to the country in December 2011.

"Venture financing is carried out directly by the Israeli state," he said. "The amount of funds is $700,000 for a project. Industrial parks were built through venture capital. The companies, which occupy the leading position in the world, began to appear in the country."
Investments are made in other economic sectors, based on the calculation of the profit that they can bring after a certain time.

Few people are interested in investment in intellectual ideas compared to the investment in other sectors. It is stipulated by the fact that there is some risk in venture investment and investor can lose money.

The share of funds allocated for the development of science from the Azerbaijani state budget was 0.9 percent in 2011. The amount of financing Azerbaijan's scientific potential hit more than 100 million manat in 2011. The funds were directed to fundamental scientific research and to finance research work of organizations, operating under state agencies.

Some 0.14 million manat is provided at the state budget for 2012 to purchase laboratory equipment for the nano-technology research, the Azerbaijani Ministry of Communications and Information Technologies told Trend earlier.

Official exchange rate on Jan 13 is 0.7864 AZN/USD