Azernews.Az

By Ayya Lmahamad

Azerbaijani startup companies have presented their projects to foreign investors and held a number of meetings within the Global Entrepreneurship Conference held on March 27-30 in Riyadh, Saudi Arabia.

The conference was organized by the Saudi Arabian Small and Medium Enterprises General Authority (Monsha’at) and the Global Entrepreneurship Network (GEN) with the support of Azerbaijan’s Small and Medium Business Development Agency (SMBDA) and attended by hundreds of representatives from different countries.

It should be noted that one of the activities of SMBDA is to support the development of a startup ecosystem. The agency issues a startup certificate to micro-and small businesses, exempting them from income and profit tax from innovation activities for a period of three years.

Unibroad LLC and Supply Chain Communication LLC, which represented Azerbaijan in Riyadh, also received startup certificates.

The Agency also provides grants to support local startup projects and carries out various activities to bring them to world markets.

According to the National Export Strategy, Azerbaijan's non-oil exports are planned to be doubled and reach $3.7 billion by 2025 compared to 2020.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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