Azerbaijan to establish Commercialization & Technology Transfer Center

Azerbaijan to establish Commercialization & Technology Transfer Center

BAKU, Azerbaijan, Apr.6

Trend:

Azerbaijan’s President Ilham Aliyev signed a decree on the establishment of the Center for Commercialization and Technology Transfer under the Intellectual Property Agency, Trend reports.

The decree was signed in order to ensure the execution of the president’s order No. 2947 dated June 2, 2017.

The document stated as following:

The Azerbaijani Cabinet of Ministers shall establish a Center for Commercialization and Transfer of Technologies (further – the Center) under the Azerbaijan Intellectual Property Agency within 15 days and inform the country’s president about this.

It shall be determined that the Center is a legal entity of public law, engaged in the establishment of relations of communication, mutual orders and proposals between science and industry, technology transfer for the qualitative growth of inventive activity, its adoption of an applied nature and the commercialization of the results of intellectual activity, which supports innovative development, including start-up projects aimed at transferring research results for commercial and non-commercial purposes, as well as generating income from these results, participating in providing clients with services for the supply of technologies and projects to target markets, coordinating activities in this area.

The exercise of the following powers of the Center’s founder shall be entrusted to:

3.1. the Cabinet of Ministers:

3.1.1. Approval and amendment of the charter and the size of the authorized capital of the Center in agreement with the president of Azerbaijan;

3.1.2. Creation of the Center's governing bodies;

3.1.3. Approval of the Center’s structure;

3.1.4. Reorganization and abolition of the Center in agreement with the president of Azerbaijan;

3.2. Intellectual Property Agency of Azerbaijan shall be entrusted with:

3.2.1. resolving issues referred to in Article 8.2 of the Law of Azerbaijan ‘On legal entities of public law’ to the powers of the founder of a public entity, except one issue specified in clause 3.1 of this decree.

4. The Cabinet of Ministers, within a month, shall:

4.1. approve the structure of the Center and, in agreement with the president of Azerbaijan, its charter;

4.2. take measures to resolve issues of material and technical equipment of the Center in order to ensure its activities;

4.3. resolve other issues arising from this decree.

5. The Intellectual Property Agency of Azerbaijan shall resolve issues arising from this decree.

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