Economy Ministry official: MoC signed between BBF and GITA will inspire entrepreneurship development

Baku. 6 March. REPORT.AZ/ Today, the Small and Medium Entrepreneurship Development (SME) is a key part of Azerbaijan's state policy.

Report informs, Chief of Entrepreneurship Development Policy Department for the Ministry of Economy, Elchin Ibrahimov said at the signing ceremony of the Memorandum of Cooperation (MoC) between Baku Business Factory (BBF) and Georgia’s Innovation and Technology Agency (GITA).

According to Ibrahimov, the Azerbaijani government keen to increase the share of non-oil sector in the economy: "As a result of implemented systematic measures, GDP ratio in non-oil sector climbed 2.7% last year, while non-oil sector in GDP accounted for 62.8%. In the last 15 years, private sector in GDP soared from 73% to 84%. Also, private sector plays a major role in employment. Currently, private sector in employment accounts for 75.8%.

The ministry official said that the business incubators in Azerbaijan are rapidly growing and give fresh impetus to development of SMEs.

"At present, there are over ten active business incubators in Azerbaijan. One of them is Baku Business Factory. We are glad for active engagement of the BBF."

Ibrahimov also noted that the majority of business incubators based in Baku: "The Ministry of Economy has created business incubators to support entrepreneurship in regions. As well as, the coordinating commission has been set up in the Ministry of Economy to improve relations between business incubators."

He emphasized that the MoC signed today, is one of the ways to use the opportunities of BBF and GITA to promote development of entrepreneurship by supporting startups.