Turnover of family business entities in Azerbaijan up

Business Materials 28 January 2020 20:06 (UTC +04:00)
Turnover of family business entities in Azerbaijan up

BAKU, Azerbaijan, Jan. 28

By Eldar Janashvili – Trend:

The business indicators-2019 of Azerbaijan’s ABAD Simplified Support to Family Businesses public legal entity under the ASAN State Agency for Public Service and Social Innovations reflect the positive development vector of the state family business support program, a source in ABAD told Trend on Jan. 28.

“The number of ABAD participants increased by 1/3 and reached 421 in 2019,” the source said. “Thus, more than 100 new participants joined ABAD in 2019.”

“A great part - 96 percent accounts for individuals (237 women and 166 men) while four percent are legal entities (18 participants),” the source said.

“At the same time, most of ABAD participants (248 people) account for the Absheron economic region where five sale centers are situated and the Nardaran Ceramics and Applied Arts Center is planned to be opened,” the source added.

“Some 59 ABAD participants are involved in Sheki-Zagatala zone where ABAD Sheki Ceramics Center and Beylagan Regional Center are located,” the source said.

“Some 29 participants are involved in Guba-Khachmaz economic region, where the Guba regional center, a sales center, ABAD School and Factory are located,” the source said. “An enterprise for the production of packaging and containers is planned to be opened.”

There are 27 and 26 participants in the Mountainous Shirvan and Lankaran economic regions, respectively, including Shamakhi and Masalli points of sale, as well as the Masalli regional center, according to the report.

As many as 32 ABAD participants account for the Aran economic region, where Imishli regional center, as well as Imishli and Kurdamir Food Halls are located. In other economic regions, there are 18 participants.

Last year, the company’s trade turnover increased by more than 70 percent, amounting to 1.7 million manat ($1 million). Over two years, the volume of trade increased by almost 4.7 times, and the total profit of participants from 2017 through 2019 amounted to 2.2 million manat ($1.2 million).

ABAD’s main purpose is to ensure active participation of citizens in Azerbaijan’s socio-economic development, development of small and medium-sized enterprises (SMEs) and increasing the employment level of the population. Since 2016, ABAD has been promoting the formation of competitive households and has been directly participating in the implementation of socially-oriented projects.