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Baku, Azerbaijan, May 15
By Huseyn Valiyev - Trend:
Emergence of local private investors is a priority direction for the government of Azerbaijan, Minister of Transport, Communications and High Technologies Ramin Guluzade said at a ceremony of presentation of winners of the Microsoft Imagine Cup Azerbaijan contest on May 15.
To this end, according to the minister, it is important to work on creation of local venture funds. The strategic goal for the government is to turn Azerbaijan into an IT center and increase the relevant products and services, Guluzade added.
Guluzade further spoke about the activity of Azerbaijan's State Fund for Development of Information and Communication Technologies. He noted that the Fund has so far financed 112 startup projects.
The State Fund is engaged in issuing grants and providing financial support to promising projects, he noted.
"To date, the State Fund has held six grant competitions. We believe that start-ups can be evaluated as real support to the state in building an innovative economy," Guluzade said.
Furthermore, the minister added, the High-Tech Park is currently engaged in building an ecosystem and managing it.
"More than 30 structures that have resident status operate in the Park. Dozens of start-ups are cooperating with the Park. In addition, a new innovation center is being created to develop the existing ecosystem. A number of other projects are being implemented to develop the start-up movement in Baku and in the districts. The "From Idea to Business" project, which covers all districts of the country, can be cited as an example. The project is aimed at finding promising projects and their transformation into real businesses," the minister said.
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