By Mirsaid Ibrahimzade
The Agency for Development of Small and Medium-sized Enterprises (SMEs) keeps on supporting non-oil sector of the Azerbaijani economy. The Agency is involved in projects to establish local production, which favorably affects rates of employment and increases the number of entrepreneurs due to the beneficial business environment created.
As part of the public-private cooperation, the Agency regularly conducts trainings and other similar activities.
The Agency has held the “Financing through capital markets” seminar for micro, small and medium-sized entrepreneurs, including young businessmen and women entrepreneurs, operating in the spheres of consulting, food and services.
At the event, organized by the Agency jointly with Azerbaijan's Financial Market Supervisory Authority (FIMSA), SMEs were told about the development of modern thinking, alternative sources of finance and the ways to access them.
During the event, they discussed issues such as the need for capital for creating and developing a business, the available sources of financing, the advantages of listing on the Baku Stock Exchange, connection to the Listing Consultation Program, and other topics of interest for SMEs.
Pursuing this policy, which envisages preparation of highly qualified entrepreneurs, is a foundation for country’s economic development and prosperity. Along with domestically arranged trainings, the Agency also sends local entrepreneurs and workers abroad to gain valuable experience.
As an example, 18 entrepreneurs and managers were sent to the city of Heidelberg, Germany, in June to take training and gain work practice as part of the German-Azerbaijani joint program. Since the beginning of the program in 2009, 419 entrepreneurs and managers have undergone training and gained work practice in Germany.
SMEs Development Agency aims to ensure the consistency of reforms, as well as the improvement of the business regulation system and application of effective coordination, enhancement of the role and competitiveness of small and medium-sized businesses in the country's economy, and compliance of the management system of this sphere with modern requirements.
As a single structure with special powers, the agency organizes, coordinates, evaluates and regulates the services provided by government agencies and organizations in this area through the SME houses.
FIMSA is the first public legal entity that ensures the effective functioning of the financial markets, as well as protection of the rights of creditors, investors and insurers.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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