BAKU, Azerbaijan, September 11. Work is underway to amend the legislation of Azerbaijan on venture capital funds, the chairperson of the Board of the Innovation and Digital Development Agency under the Ministry of Digital Development and Transportation of Azerbaijan Inara Valiyeva told Trend.
"We, together with several state bodies, are actively working on changes in legislation that will make the process of creating and functioning of venture capital funds more convenient, accessible, and free. Nowadays, even though we call the created structures venture funds, from the point of view of the current legislation, they are not such. We have found a legal way for their work, but it is associated with several complexities that require changes to simplify the further development of the industry,” she said.
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.