Azerbaijan plans to become a digital hub that attracts highly skilled professionals and investment while creating conditions for developing and exporting innovative products and services, Farid Osmanov, chairman of the board of Azerbaijan's Innovation and Digital Development Agency, said at a briefing on legislative changes in the technology and innovation sectors.
According to him, one of the main challenges facing startups today is access to financing. In most cases, such funding is provided by the state in the form of grants and other assistance.
"Our goal is to expand private-sector participation in this process, attract more investment to the country and strengthen the operations of startups that have managed to secure funding," Osmanov said.
He noted that the legislative amendments provide for benefits for startups and investors, as well as incentives to enhance the investment appeal of startups operating in Azerbaijan and those targeting foreign markets.
According to the agency's head, Azerbaijan's strategic goal is to become a digital hub.
"This means creating an environment where highly skilled professionals can work, investment can be attracted, and innovative products and services can be developed and subsequently exported to foreign markets," he explained.