TODAY.AZ / Business

Zangazur corridor to connect Turkic states with over $1.1tn in nominal GDP

18 February 2022 [17:21] - TODAY.AZ

By Azernews

By Sabina Mammadli

The Zangazur corridor will connect Turkic-speaking countries with a total nominal GDP of over $1.1 trillion, both strategically and economically, Small and Medium-sized Business Development Agency’s (SMBDA) Chairman Orkhan Mammadov has said.

Mammadov made the remarks at a conference titled "Innovative activity of small and medium-sized enterprises during post-pandemic economic growth stabilization".

Azerbaijani MPs, the deputy secretary-general of TurkPA, the board chairman of Azerbaijan's SMBDA, and others were among those attending the conference.

He stressed that Azerbaijan is interested in integrating business innovations and technologies, which will create an opportunity to increase the competitiveness of our entrepreneurs both in the domestic and foreign markets.

The chairman stated that the priority area for cooperation development is to strengthen economic stability, increase preparedness for unforeseen situations, and develop a business environment based on modern, digital technologies.

Mammadov added that the use of innovation and high-tech management, as well as the principles of the "green" economy, will determine the direction of global economic development and investment flows in the coming decades.

"Moreover, in accordance with Azerbaijan's national priorities until 2030, this document also covers the development of small and medium-sized enterprises in our country," Mammadov added.

According to him, the state subsidizes up to 50-80 percent of each businessman's market research costs in the non-oil industry as part of a program to support small and medium businesses.

He concluded by stating that the agency's and the state's efforts to support entrepreneurship will be continued.

Meanwhile, the Agrarian Credit and Development Agency of the Azerbaijani Ministry of Agriculture will provide SMEs with a soft loan of up to AZN 1 million ($588,235). Leyla Mammadova, the agency's deputy chairperson, stated.

She added that preferential microloans in the amount of up to AZN 15,000 ($8,823) are granted to businessmen for a three-year period with no collateral. She also stated that the agency provides preferential loans to micro-business owners in the amount of up to AZN 30,000 ($17,647) for a three-year period, as well as to medium-sized business owners in the amount of up to AZN 100,000 ($58,823).

"The agency also provides long-term loans for a period of five years in the amount of up to AZN 200,000 ($117,647) to businessmen working in medium-sized businesses, and up to AZN 1 million ($588,235) to large enterprises for the purchase of equipment and machinery," Mammadova said.

This week, The Agriculture Ministry's Agrarian Credit and Development Agency paid 159,500 farmers a total of AZN 61.8 million ($36.3 million) in subsidies for the autumn crops of 2021-2022.

During the same event, Azerbaijani MP Aghalar Valiyev stated that SMBDA is actively working with the government to develop new tools to help small and medium-sized businesses.

According to him, the Azerbaijani government is putting in place a number of projects and programs to help SMEs. He also stated that the fourth industrial revolution necessitates the development of new tools.

"During the COVID-19 pandemic, the work was carried out more actively than before. Today, we continue to support SMEs," he noted.

Speaking at the event, Parliamentary Assembly of Turkic Speaking Countries (TurkPA) Deputy Secretary-General Talgat Aduov stated that the organization's members are ready to assist Azerbaijan in reclaiming territories liberated from Armenian occupation.

He stressed that the Parliamentary Assembly actively collaborates with Azerbaijan in the development of the economies of its member countries.

Azerbaijan's Small and Medium Business (SMB) Development Agency was established under a presidential decree dated December 28, 2017.

As a legal entity under the Economy Ministry, the agency is authorized to support the development of small and medium businesses (SMBs) in the country by providing SMBs with a number of services as well as ensuring coordination and regulation of services rendered by government entities to SMBs.


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