Azerbaijan Intensifies Support to Innovative Entrepreneurship Development
Azerbaijan, Baku, 15 July / Trend corr I.Khalilova/ Azerbaijan's Economic Development Ministry and Azerbaijan National Academy of Sciences (ANAS) organized the first in 2008 scientific and practical conference Support to Innovative Entrepreneurship in Azerbaijan in order to intensify cooperation between scientific figures and entrepreneurs.
Scientists presented about 10 innovative projects and discussed with entrepreneurship subjects application of the projects in business. Projects in the field of nanotechnologies, IT, alternative electric energy sources were presented during the conference.
"The conference is a continuation of arrangements implemented within the framework of state policy on support to development of entrepreneurship," head of Economic Development Ministry's administration Samir Valiyev said.
Due to the arrangements, the specific weight of private sector in GDP has already reached 84%. At the moment, 79,000 juridical entities and over 261,000 individuals are engaged in entrepreneurship in the country.
"However, there are still unused reserves which are planned to be developed through application of innovations," Valiyev said.
Economic Development Ministry intends to intensify the work in this connection jointly with the Academy of Sciences and higher schools to create a data base. Creation of business incubators is envisaged in the new State Program on support to development of entrepreneurship (2008-13) in order to minimize financial and economic expenditures of entrepreneurs who will apply scientific innovations. The State Program envisages a complex of arrangements on support to innovative entrepreneurship.
Director of Azerbaijan's National Science Foundation Fuad Ismayilov thinks application of scientific ideas promotes development of non-oil sector. Though development of Azerbaijan's scientific potential leaves behind other countries, scientists' ideas mostly remain unimplemented.
Deputy Minister for Communications & IT Elmir Valizade, also confirmed that growth of ICT companies at the moment dramatically exceeds innovative activity development rate. [Private sector provides 70% of ICT earnings in Azerbaijan].
On 15 July, official exchange rate totalled 0.8051 AZN/USD
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