200 entrepreneurs working in tourism receive concessional loans

By Azernews

By Leman Mammadova

Ministry of Economy and State Tourism Agency has held a conference on "The prospects for the development of tourism in Azerbaijan and ensuring the access of entrepreneurs operating in this field to preferential public financial resources”.

The event aimed to discuss the perspectives of the tourism sector development and the effectiveness of the use of concessional loans allocated for the development of tourism by the Entrepreneurship Development Fund of the Economy Ministry.

Deputy Minister of Economy Sahib Mammadov informed about measures taken to diversify the economy.

In his words, along with other support measures for the development of tourism, opportunities for the use of concessional loans have also been expanded.

Mammadov noted that for the whole period of its activity, the Entrepreneurship Development Fund of Azerbaijan allocated concessional loans worth 45.5 million manats ($26.7 million) to 200 entrepreneurs working in the field of tourism in Azerbaijan.

In turn, the Acting Chairman of the Board of the Fund Arif Valimammadov mentioned the need to create the necessary conditions not only to attract foreign tourists, but also to develop local tourism.

“Last year, the number of tourists visiting Georgia exceeded the population of this country twice. The number of Azerbaijani tourists amounted to about 1.6 million people. Although the nature of Azerbaijan and Georgia are the same, Azerbaijani citizens prefer to visit Georgia. It is necessary to create conditions that would encourage the citizens of Azerbaijan to stay on holiday in their country,” he said.

Speaking at the conference, Fuad Nagiyev, Chairman of the State Tourism Agency, informed about the current situation in the tourism sector and the targets, noting that development trends in the tourism sector of the country and international events held in Azerbaijan accelerate the flow of tourists to the country.

Faig Abbasov, Deputy Chairman of the Board of the Agency for the Development of Small and Medium-sized Enterprises (SMEs), told about the activities of the organization and emphasized that the Agency continues to take various measures of support to entrepreneurs, including the expansion of the Friend of SMEs network in the regions and the establishment of House of SMEs.

Within the framework of the conference, business entities and government agencies held panel discussions on "Social infrastructure in the development of tourism, the role of transport and utility services and simplification of administrative procedures in the tourism industry and implementation of stimulating measures".

An exhibition of products manufactured by beekeeping entrepreneurs was also organized within the event.

In the modern world, tourism is one of the most dynamically developing and profitable sectors of the economy for each country. The tourism sector accounts for 10 percent of global GDP, and this area has a significant impact on issues of export, investment, infrastructure development and promotion of social integration, stimulates entrepreneurship.

Therefore, Azerbaijan aims to develop this sphere by all possible means. Sustainable development of the non-oil sector, in particular the tourism sector, is crucial at a time when it is impossible to fully rely on oil and gas industry.

Azerbaijan enjoys a great potential for the development of tourism. Nature, climate, historical monuments, cuisine, rich culture of the people and other factors lay the foundation for the development of many areas of tourism.