Orkhan Mammadov: SMEs invested $111.8M in agricultural sector

According to past statistics, more than 70% of the total value of goods and services produced in the agricultural sector was created by SMEs, and businesses from this category invested up to 190 million manats ($111.8 million) in fixed capital in the sector this year, Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency (SMBDA) under the Ministry of Economy, said, Report informs.

"Taking into account the importance of food security, SMBDA pays special attention to the development of business entities operating in the agricultural sector. Based on the results of our analyzes and conducted field meetings, we can say that the implementation of the agrarian insurance mechanism, difficulties related to irrigation water, access to quality agronomist and other consulting services, the need to improve subsidy and other financing mechanisms, difficulties in documentation procedures in the field of food safety, technological equipment wear and tear, access to markets are the main issues that concern entrepreneurs operating in the agricultural sector. Within the mandate of SMBDA, it provides a number of support mechanisms to businesses operating in various sectors, including the agribusiness sphere. Among them, support for internal market studies, giving of grants for science, research, support and innovative programs, experience exchange programs, and others can be noted," Mammadov said.