BAKU, Azerbaijan, November 12. The proposal to amend Azerbaijan's legislation on venture funds is currently awaiting governmental approval, the Chairperson of the Board of the Innovation and Digital Development Agency under the Ministry of Digital Development and Transport of Azerbaijan Inara Valiyeva told Trend.
"Efforts are currently in progress to amend Azerbaijan's legislation on venture funds. Our proposal has been finalized and submitted to the government. Negotiations are actively taking place among various government agencies at the national level to discuss and refine these amendments," she said.
Valiyeva highlighted that the government is also actively engaged in developing a national strategy for artificial intelligence.
The Agency for Innovation and Digital Development under the Ministry of Transport and Digital Development of Azerbaijan is currently negotiating with funds to create a second venture fund in the country.
To note, the Innovation and Digital Development Agency was founded as a public legal organization under the Ministry of Digital Development and Transport by a decree issued by President of the Republic of Azerbaijan Ilham Aliyev on October 11, 2021.
The agency is dedicated to organizing digital transformation efforts around the country, cultivating a local innovation environment, and strengthening the entire ecosystem. The agency's primary focus areas include conducting nuclear science and technology tests, assisting individuals and entities in innovation-driven scientific research and startups, facilitating the adoption of modern technologies, ensuring accessible educational and career opportunities in the ICT sector, and establishing and managing the digital government and society.
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