Small and medium businesses make over 99% of business entities in Azerbaijan

Over 99% of entrepreneurs in Azerbaijan are small and medium-sized enterprises (SMEs), Small and Medium Business Development Agency (KOBİA) under the Ministry of Economy said.

According to Report, 97.3% of SMEs operating in Azerbaijan are micro-, 1.9% are small and 0.8% are medium-sized business entities.

"About 90% of companies worldwide are micro-, small and medium-sized enterprises (SMEs). Globally, 50% of the gross domestic product (GDP) is provided by SMEs, which are considered engines of economic growth and social development.

According to the resolution of the UN General Assembly, since 2017, June 27 has been celebrated worldwide as the Day of Micro-, Small and Medium-Sized Enterprises.