BAKU, Azerbaijan, September 9. The significance and role of small and medium-sized enterprises (SMEs) in Azerbaijan's socio-economic development are growing rapidly, and it's crucial for SMEs to align with the standards of the green economy, the country's Minister of Economy Mikayil Jabbarov said, Trend reports.
He made the remark at the "Role of small and medium businesses in the green economy" conference, held in Baku with the support of the Ministry of Economy, the Ministry of Ecology and Natural Resources, and the Small and Medium Business Development Agency (KOBIA).
"SMEs contribute significantly to increasing the gross domestic product (GDP), job creation, employment, and the economic reintegration of territories liberated from occupation. In this new era, they must play their role in the development of the green economy, which has become an essential trend," the minister underscored.
He mentioned that SMEs make up more than 99 percent of Azerbaijan's businesses.
"In this regard, ensuring the green growth and transition to a green economy largely depend on the green transformation of SMEs and the adoption of green technologies. Many SMEs operate in sectors such as construction, transport, industry, energy, and agriculture, which account for a large share of greenhouse gas emissions. Focusing on the use of efficient technologies and practices in energy and resource use enhances SMEs' competitiveness," Jabbarov explained.
He said that based on global experience, SMEs are ahead of the curve when it comes to clean technologies and business models.
"The flexibility of SMEs allows them to quickly adapt to new trends and implement innovations. Their ability to respond to market changes and consumer preferences is a key factor in the fast-evolving green economy. SMEs play a special role in reducing dependence on traditional industries, developing green solutions, and enhancing economic diversification," the minister noted.
He also mentioned that the government is bending over backwards to get SMEs on board with the green economy by offering special tax breaks and loans.
"The development of green technologies in industrial parks and zones, such as the Balakhani Industrial Park, is an example of this effort," Jabbarov added.
The minister also emphasized that the Sustainable Development Goals are right up Azerbaijan's alley, as they are woven into the fabric of the country's five-year strategy, kicking off in 2022, which the country is wholeheartedly pursuing.
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