Sahib Mammadov: Azerbaijan to expand application scope of mechanisms to support entrepreneurs

In the coming period, the improvement of existing mechanisms of state support and the expansion of their application, as well as the introduction of local instruments will contribute to the development of entrepreneurship in Azerbaijan, Deputy Minister of Economy Sahib Mammadov said at the exhibition of local companies “Heydar Aliyev and Azerbaijani Entrepreneurship,” Report informs.

“The reintegration of the Karabakh region into the economic value chain, the realization of the potential of the Nakhchivan economic region at a higher level will contribute to economic growth in the coming periods. State programs have been adopted to ensure development in both directions. Two industrial parks have been created in Karabakh. A package of benefits related to development of the liberated territories was adopted. These are attractive steps for entrepreneurs who want to invest in these regions,” the deputy minister said.

He noted that in January-April this year, the non-oil and gas sector recorded a GDP growth of 3.1%.

Mammadov noted that as a result of the positive dynamics of foreign trade relations for four months of this year, exports increased by 6.5% and amounted to $12 billion: “Export of non-oil products increased by 21.2%. In the first quarter of this year, investments in the non-oil sector increased by 51.7% compared to last year.”