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Economy minister meets entrepreneurs over COVID-19

10 August 2020 14:56 (UTC+04:00)
Economy minister meets entrepreneurs over COVID-19

By Ayya Lmahamad

Economy Minister Mikail Jabbarov has held an online meeting with over 280 entrepreneurs to discuss ways to eliminate the negative impact of the coronavirus pandemic on the private sector and the rules of conduct in the business sphere under the new conditions.

Jabbarov recalled that in order to minimize the negative impact of the pandemic on national economy, Azerbaijani President has set a number of tasks to the state bodies and the Cabinet of Ministers has adopted a number of important documents on programs to support the economy, as well as short and medium term businesses amid COVID-19.

The minister noted that in first half of 2020 there was a decline in GDP and most sectors of the economy.

Moreover, it was noted that the main objects are the revival of economic activity in the non-oil sector to prevent threats to the economy, the finance projects, investment- oriented lending, promotion of private investment, construction and other incentives.

Furthermore, he stressed that as the private sector is a leading force in the economy, the Cabinet of Ministers has decided to provide new financial support to businesses in line with Presidential instructions.

Thus, in order to minimize the negative impact of the situation on business and support employment protection, taxpayers working in areas affected by the coronavirus pandemic, will receive financial support in the amount of AZN 250. In addition, from April 1, 2020 to January 1, 2021, entrepreneurs and legal entities are exempt from renting fee.

Likewise, Minister noted that over AZN 12 million were approved through the electronic credit platform in the form of loans created to provide entrepreneurs with simple and transparent loans under state guarantees.

Additionally, during the meeting it was noted that the society should be ready for a new way of life, and the entrepreneurs should adapt their business to the current and future conditions. The sooner the enterprises and service providers get used to the new rules, the more profitable it will be for their businesses, the minister said.

Ways to minimize the impact of the pandemic on the private sector, revival and development of business were discussed at the meeting.

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