Orkhan Mammadov: Share of tech industry to reach 15% in Azerbaijan's GDP

Azerbaijan plans to increase the share of medium-high-tech and high-tech industries in GDP up to 15% by 2026, Chairman of the Agency for the Development of Small and Medium Business under the Economy Ministry of Azerbaijan Orkhan Mammadov said at the Azerbaijan-Israeli Innovation Forum, Report informs.

According to him, the “Strategy for Socio-Economic Development for 2022-2026”, approved last year, defines qualitatively new development models for the medium term:

“It has been proven that productivity, which is the basis of a competitive economy, is enhanced by innovation and modern technologies. To this end, it is planned to stimulate the introduction of innovations in the private and public sectors, develop a targeted system of tax incentives for start-ups and investors, create an innovation cluster and implement other activities.”

Orkhan Mammadov recalled that in 2021, the volume of research activities of SMEs amounted to 21.4 million manats or about $13 million:

“Despite an increase of approximately 36% compared to the previous period, there is a need to increase this indicator in both the public and private sectors to achieve the set goals.”