President Ilham Aliyev signs decree on stimulating inventive activity [UPDATE]

President of Azerbaijan Ilham Aliyev has signed a Decree on stimulating inventive activity, Azernews reports.

According to the decree, 50 (fifty) percent of the costs incurred by citizens- right owners of Azerbaijan for patenting inventions and utility models in foreign countries through the international Patent Cooperation Treaty (PCT) system and maintaining them in force for the first three years will be financed by the state.

2. The Cabinet of Ministers of Azerbaijan Republic was instructed to:

2.1. Approve the procedure for state financing of expenses within a three-month period in agreement with the President of Azerbaijan Republic;

2.2. Resolve other issues arising from the decree.

3. The Ministry of Finance of Azerbaijan Republic has been instructed to ensure the annual allocation from the state budget to the Agency of Intellectual Property of the Azerbaijan Republic of funds necessary for financing.

4. The Intellectual Property Agency of Azerbaijan Republic was instructed to take the necessary measures to resolve issues arising from the decree.