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State introduces privileges for entrepreneurs

28 October 2016 17:39 (UTC+04:00)
State introduces privileges for entrepreneurs

By Nigar Abbasova

Energy-rich Azerbaijan, which seeks to stimulate business development and boost local production, continues to take systematic measures by introducing new privileges for entrepreneurs.

Economy Ministry of the country is expected to organize some 10 export missions in a year for local entrepreneurs.

Head of the Azerbaijan Export & Investment Promotion Foundation (AZPROMO) Rufat Mammadov said that the participation of entrepreneurs in such missions will be financially covered by the state. The maximum number of participants in each mission is 20 people. Moreover, the promotion plan also includes setting up of stands in some five international exhibitions, while financial means for the rent of space, placing of stand and delivery of goods will also be provided by the government.

Mammadov said that the ministry has already made up a list of exhibitions, the participants of which will be able to benefit from the privileges, adding that the list may be expanded in the future.

He also said that the government is ready to cover some 50 percent of expenditures, should the volume does not exceed the limit of 5,000 manats ($3,069).

Moreover, the country will introduce the program of research and development, which envisages state financing worth 100,000 manats (61,383) for the implementation of 10 projects. The program will focus on the promotion of export-oriented production, improvement of manufacturing, as well as cost saving.

The board of the ministry has already approved certain criteria, which will be applied to shops for the placement of goods branded “Made in Azerbaijan”.

Such indicators as economic and trade relations between Azerbaijan and the country where the shop is located, as well as the export potential of goods in a country and membership of the shop in large trade networks will also be taken into account.

The government has recently determined main aspects of rendering the state support to exporters, and work in this direction is now underway. The country earlier developed a special mechanism to support the export of local output, while the promotion system will be applied only in reference to goods produced in Azerbaijan.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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