Azerbaijan has necessary institutional framework for SME development, EU envoy says

The Azerbaijani government has made significant progress in creating the necessary institutional framework for developing small and medium-sized businesses (SMEs) in the country, Peter Michalko, head of the European Union (EU) Delegation in Azerbaijan, has said, as quoted by Report.

Michalko spoke at an event dedicated to the completion of the EU-funded projects on assistance to the Azerbaijani government in creating a more favorable environment for small and medium enterprises, increasing their competitiveness, and supporting the development of rural entrepreneurship.

The diplomat said that Azerbaijan had prioritized economic diversification and private sector development and noted that the EU is ready to support this.

SMEs are essential for the economy of any country, he said, adding that they are an indicator of potential and dynamism.