Local, Russian entrepreneurs expand cooperation

By Azernews

By Leman Mammadova

The National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan (ASK) focuses on the establishment of new business contacts with local and foreign institutions to enhance the role of the private sector in the economy by raising the level of entrepreneurial activity.

ASK members have visited the Russian city of Tomsk to build ties with local businessmen there.

The business mission, organized by ASK Business Consulting LLC, involved small and medium-sized businesses operating in Azerbaijan's oil engineering and equipment production, food industry, pharmaceuticals, etc.

The meeting, held at the Tomsk Chamber of Commerce and Industry, was efficient in terms of building business contacts.

Alexander Osadchenko, Head of the Chamber’s Innovation and Entrepreneurship Department, noted that projects are being implemented to support SMEs. He said one of the main tasks is the development of foreign economic relations.

Marina Uskova, President of the Tomsk Chamber of Commerce and Industry, said that the cooperation between Tomsk region and Azerbaijan is actively growing.

She noted that three business missions were sent to Azerbaijan over the past five years. Uskova expressed confidence that mutual cooperation will have great prospects.

The National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan, established in 1999, cooperates with similar structures in about 50 countries.

Development of entrepreneurship is important for a country’s socio-economic growth. Thus, Azerbaijan makes maximum efforts to enhance the entrepreneurial activity.

Azerbaijan is actively working on the improvement of the role of the private sector by issuing concessional loans that have more favorable terms and conditions than those offered by the commercial finance market.

In the first half 2019, up to 50 million manats ($29.4 million) of concessional loans were issued to local entrepreneurs. As much as 68 percent of concessional loans accounted for the agricultural sector, and 32 percent - for industrial production and processing. About 44 percent of the loans were allocated for the regions and 56 percent – for Baku.

Concessional loans in the amount of 120 million manats ($70.58 million) will be issued in the second half of the year.

Recently, new categories of entrepreneurship have been approved in Azerbaijan. Previously, the categories of entrepreneurs in the country included small, medium and large enterprises. The new category includes micro businesses - companies with a staff of one to ten people and an annual income of up to 200,000 manats ($117,300).