Azerbaijan’s SMB Development Agency informs entrepreneurs about domestic market research (PHOTO)

Baku, Azerbaijan, Aug. 28

Trend:

Azerbaijan's Small and Medium Business (SMB) Development Agency has begun accepting applications from SMBs for the provision of state support for conducting domestic market research, Trend reports referring to the agency.

The research will be carried out by local and foreign legal entities and individuals, including consulting companies of a specialized nature, as per the order of the agency.

In this regard, an event was held at the agency on August 28 with the aim of informing local and foreign legal entities and individuals about research on the domestic market. Detailed information on the parameters and evaluation criteria for such studies was given during the event attended by representatives of local and foreign consulting companies.

It was noted that, in accordance with the decree of the President of Azerbaijan dated May 29, 2019, the agency completed organizational work for ensuring compliance with the rules of providing state support to domestic market research aimed at stimulating the competitive activity of SMBs. It was emphasized that studies of the domestic market are activities carried out for determining the current situation of the domestic market against the backdrop of the expansion of SMBs’ activities, as well as the creation of new types of products or services.

Local and foreign legal entities and individuals (private entrepreneurs) including universities, institutes, special research and analysis centers and consulting companies will get involved in studying the domestic market. The state will cover 80 percent of the expenses for research of the domestic market conducted on the basis of requests from micro-enterprises, and 50 percent of the expenses for research of the domestic market conducted on the basis of requests from small businesses. In general, up to 20,000 manats of funds are to be allocated for each study.

Small and medium businesses can obtain the application form and additional information on the domestic market research on the agency’s official website.