New mechanisms to support SMEs planned in Azerbaijan - agency

Economy Materials 7 April 2022 17:03 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, April 7. Azerbaijan’s Small and Medium Business Development Agency (SMBDA) plans to develop and introduce new mechanisms to support SMEs, taking into account future priorities and needs of businessmen, the agency told Trend.

According to the agency, work is currently underway to elaborate mechanisms to support the development of clusters, expand the experience of businessmen by creating model enterprises.

The mechanisms used by SMBDA to support the development of micro-, small and medium-sized business enterprises (SMEs) possibly will be optimized in accordance with existing requirements, the agency said.

Besides, according to SMBDA, at present, together with the relevant structures, a medium-term strategy for the development of SMEs based on the "Azerbaijan 2030: national priorities for socio-economic development" document, approved by the decree of the President of Azerbaijan dated February 2, 2021, is being prepared.

Measures are also envisaged to improve the efficiency, targeting and transparency of mechanisms to support businessmen, expand SMEs' access to financial and other resources, and stimulate educational opportunities for businesses, added the agency.