BAKU, Azerbaijan, May 9. Azerbaijan will develop an acceleration program for ICT in three main areas, Trend reports, referring to Azerbaijan's Baku Stock Exchange.
According to Baku Stock Exchange's data, the program's first objective is to establish an accelerator hub and foster collaboration with existing chambers of commerce and organizations to boost startup and business venture development.
Secondly, the focus lies on attracting nominated enterprises, facilitating their expansion, and assimilating them into corporate frameworks to enhance internal communication. The third component of the program focuses on continuous support for large enterprises to enhance their market prowess through the use of information technology.
The program underscores a concerted effort to significantly enhance the financial performance of participating firms, with projected market capitalization poised to surge by 500 million manat, or $294.1 million.
The streamlining and hastening of business processes, which facilitates access to financing via capital markets, is an essential facet. This will catalyze private investment growth and enhance the country's investment climate.
To note, in 2023, the Baku Stock Exchange turnover reached 27.335 billion manat or $160.79 billion, marking a 1.8-fold increase compared to 2022.