Number of SMEs in Azerbaijan rises 74% in six years

The number of SME entities in Azerbaijan has increased by 74% over the past six years, exceeding 424,000, Orkhan Mammadov, chairman of the Management Board of the Small and Medium Business Development Agency under the Economy Ministry, said at an event titled "Entrepreneurship development means a strong economy" in Baku, Report informs.

According to him, the amount of added value created by SMEs during this period more than doubled, rising from 10 billion manats ($5.9 billion) to 21 billion manats ($12.4 billion), while employment in the sector grew by 47%.

"The development of the private sector and support for micro, small and medium-sized businesses are among the priority areas of state policy. Information and needs identified through close communication via sectoral meetings, regional discussions, surveys and direct visits to businesses have made it possible to develop targeted support mechanisms specifically for SMEs. In total, nearly 70,000 SME entities and people wishing to start entrepreneurial activity have benefited from this support. So far, more than 1.5 million services have been provided at SME houses. The Electronic SME House portal, the digital model of the SME House, is also now available for use," Mammadov added.