BAKU, Azerbaijan, June 27. Azerbaijan's Digital Transformation Center offers growth platform to startups, Azerbaijani Minister of Economy Mikayil Jabbarov said during Baku Investment Day (BakuID24), Trend reports.
According to him, the role of the knowledge economy is contextual.
"Never in the history of humanity have knowledge and prosperity been so directly linked. By accepting this, we understand how important the knowledge economy is and how crucial it is to develop and support the ecosystem around it," he also said.
The minister reminded that recently, legislation was passed providing a range of incentives for startups and innovators.
"We are only at the beginning of the journey. We are not starting from scratch. This was already discussed in Baku last year. The innovation policy and vision need to be more clearly defined, and for this, quality input is needed.
Before the start of this session, we had a discussion, and our colleague, the deputy minister of digital transformation and transport, pointed out the problems faced by our startups and regulators due to the imperfections of legislation in certain areas. This is the second direction of our activity: to ensure the presence of an ecosystem, including access to finance and attractiveness for venture capital," he noted.
Jabbarov emphasized that a digital transformation center had been launched.
"We launched a digital transformation center and allocated the appropriate premises. The idea is to provide startups with a platform where they can get everything they need in one place. We are also ready for co-investment.
We are happy to provide initial funding under the leadership of the Ministry of Economy. The Azerbaijan Investment Company and the Entrepreneurship Support Fund are also involved in this process," he added.
The minister also mentioned that considering the human capital, talent, ecosystem, and commitment of Azerbaijani society, the private sector, the government, and startups, it is possible to build this part of the economy, which won't be limited to the framework of Azerbaijan.
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