BAKU, Azerbaijan, April 29. An event titled “Entrepreneurship Development Is a Strong Economy” was held in Baku, Trend reports.
The event was attended by representatives of government institutions as well as entrepreneurs.
Speaking at the event, Azerbaijan’s Minister of Economy Mikayil Jabbarov said that state support for the private sector is continuing and will be expanded.
He noted that existing state support instruments include special industrial zones, tax and other payment incentives in liberated territories, social contribution benefits, mechanisms covering utility expenses, and subsidies on loan interest rates.
“These tools have already proven their effectiveness and attractiveness, and they will continue to be further developed. In addition, the role of the Nakhchivan Autonomous Republic in the country’s economy is expected to grow and strengthen in the coming period. We believe the opening of the Zangazur corridor will make a significant contribution to Azerbaijan’s economic development in this context,” the minister said.
Jabbarov also stated that, as a preventive measure, the state is proactively creating conditions for the application of tax incentives and special tax regimes.
He further emphasized that the rapid growth of the country’s transport and logistics sector is aimed not only at facilitating cargo transit but, more importantly, at strengthening the national economy and expanding Azerbaijani products into both regional and global markets. According to him, two of the three key components in this field—connectivity and trade regime issues—have already been addressed. The minister highlighted the importance of hearing more directly from entrepreneurs regarding their target export markets. However, he noted that limited trade agreements continue to result in high customs duties and tariffs.
Furthermore, he stressed that sustainable development cannot rely solely on the domestic market and that not all enterprises have equal access to export opportunities.
Regarding export promotion, the minister said that new state mechanisms are being introduced to cover transport and logistics costs as well as other export-related expenses, with expected results from these initiatives in the near future.
Azerbaijani Minister of Labor and Social Protection Anar Aliyev announced that additional self-employment opportunities will be created for an extra 30,000 unemployed individuals by 2030.
He stated that more than 59,000 people have been involved in vocational training across 175 specialties to help unemployed citizens acquire new professions and qualifications.
“Additionally, to improve the quality of the workforce and form human capital aligned with the real needs of the economy, 1,612 occupational and qualification standards have been developed and made available to employers,” he said.
In addition, Chairman of the Committee on Urban Planning and Architecture Anar Guliyev revealed that the master plans of 11 more cities in Azerbaijan will be approved.
He said that as a result of the work carried out in the direction of territorial planning, new master plans of 68 out of 79 cities of the country have been approved:
"Work is ongoing to update the master plans of the remaining 11 cities. The presence of updated master plans brings the development of cities to a predictable level and creates investment attractiveness," Guliyev added.
To note, under a presidential decree dated April 21, 2016, April 25 is observed annually in Azerbaijan as Entrepreneurs’ Day.
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