Expert says high-tech organizations to grow amid COVID-19 crisis

30 April 2020 15:38 (UTC+04:00)

By Trend

The coronavirus pandemic (COVID-19) led to a global economic crisis falling under the Black Swan theory, that is, it became difficult to predict phenomenons with impressive influence, and changed the situation in politics, economics and businesses in almost all countries, Manager of the Enterprise Azerbaijan portal Oruj Dursunzade said, Trend reports citing the Center for Analysis of Economic Reforms and Communication (CAERC).

“With the advent of the COVID-19, we saw the first changes in the behavior of consumers and manufacturers. Technology and other companies began to work remotely. These changes are an urgent and compelled reaction to the epidemiological crisis, after which everything will return to their places,” Dursunzade noted.

“However, the activities of some companies using high-tech tools may continue in subsequent years. A pandemic will change the parameters of companies’ competitiveness. We can be sure that in the near future there will be a large number of high-tech organizations that meet the requirements of a new era,” he stressed.

“If we look at the projects implemented on the development of startups and innovations during the pandemic in Azerbaijan, we can predict the appearance of many different innovative solutions. Based on the decree of the Azerbaijani president, an innovative strategy of the country is being developed that will meet modern requirements. Moreover, according to changes in the Tax Code, start-ups that are subjects of micro or small business in Azerbaijan and act as legal entities are exempt from income tax in the field of innovation for a period of three years from the date of receipt of the Startap certificate,” Dursunzade said.

“As early as 2020, the State Employment Service under the Azerbaijani Ministry of Labor and Social Protection of Population began to provide material support for the development of innovative projects and alternative labor within self-employment program. As part of this program, Enterprise Azerbaijan closely cooperates with the aforementioned service,” he added.

“Azerbaijan is one of the leading countries of the world in the field of reforms and digitalization of the public and private sectors. The sustainability of reforms implemented in this sector will further improve Azerbaijan’s business environment and contribute to a flexible response to the challenges of highly competitive international projects,” said the manager.


“A project to apply an amnesty of capital and property is considering in Azerbaijan. This project can have a positive impact on the ecosystem of startups and innovations in our country. The period after the pandemic promises the opening of new opportunities for participants of this ecosystem in Azerbaijan, creation of innovative investment funds, local and alternative sources of financing, start-up lending, as well as new financial and technological tools,” Dursunzade noted.

“It is difficult to predict how the world will look in the future, especially the economies of individual countries. Although it’s safe to say that active and flexible companies will have more opportunities. Now it is very important to monitor and identify new trends and requirements, because it is impossible to say exactly when the pandemic will end and potential opportunities will appear. Crises are cyclical and do not last forever, but they are a good test for startup projects in terms of intellectual power and economic endurance,” he added.

The main task of entrepreneurs, in particular, startuppers, is to get out of it with the minimal losses and introduce more innovative and relevant solutions for successful development in the future, the portal’s manager said.


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