Number of startups in Azerbaijan grows - President's assistant

Economy Materials 30 November 2023 10:33 (UTC +04:00)
Number of startups in Azerbaijan grows - President's assistant
Alyona Pavlenko
Alyona Pavlenko
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BAKU, Azerbaijan, November 30. The number of startups in Azerbaijan has nearly tripled this year compared to last year, Assistant to Azerbaijan's President - Head of the Department for Economic Affairs and Innovative Development Policy of the Presidential Administration of Azerbaijan Shahmar Movsumov said, Trend reports.

He spoke at the InMerge Innovation Summit in Baku.

"The increasing number of businesses in Azerbaijan demonstrates the country's robust entrepreneurial spirit. We are distributing cash to projects that reinvent modern life with the goal of sustainable development. This involves creating smart cities and smart villages in our newly liberated districts," Movsumov said.

"We place a high value on our most valuable resource, which is not oil but rather our people. Recognizing that a prosperous nation's foundation is built on the education and empowerment of its youth, we have launched a government initiative to teach our young minds in famous international institutions," he said.

This program, he claims, is more than just an investment in the academic performance of the young. It is a long-term strategy to develop a talented workforce capable of leading and inventing.

Concerning the ubiquity of artificial intelligence, Movsumov stated that it is necessary to acknowledge and address the issues associated with AI, such as ethical quandaries, privacy concerns, and the impact on the job market.

"We must employ artificial intelligence positively, empowering humanity and contributing to the advancement of our society, while ensuring that its application is consistent with our values and ideals," he said.

The InMerge Innovation Summit has started in Baku on November 30 and will end on December 1.

InMerge, the region's largest innovation summit, is aimed at bringing together prominent organizations, entrepreneurs, and investors to debate the topic of innovation and potential alliances.

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