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Business forum conducted within the framework of the project "Increasing attractiveness of the Shamakhi district for private Investments" 05.12.24

Within the framework of the project, a concept for the promotion of Shamakhi's investment attractiveness and business opportunities has been developed.

The business forum was conducted within the framework of the project "Increasing attractiveness of the Shamakhi district for private Investments", organized by the Shamakhi District Executive Authority, the Small and Medium Business Development Agency (KOBİA), the Economic Institute of the Ministry of Science and Education, and the National Association of Entrepreneurs.

During the event conducted with the participation of representatives from both public and private institutions Tahir Mammadov, Head of the Shamakhi District Executive Authority, Orhan Mammadov, Chairman of the Management Board of KOBİA, Nazim Muzaffarli, Director of the Economic Institute, and Tural Mustafayev, Head of the National Association of Entrepreneurs and "Marsol Group" shared their views on state support measures for the development of the country's regions and entrepreneurship, Shamakhi's business potential, and investment opportunities in the region.

At the event, information was provided about the work carried out under the project "Preparation of mechanisms for promoting and supporting the increasing attractiveness of the Shamakhi district for private investments," implemented by the Economic Institute in 2024. It was highlighted that the goal of the project was to explore the avenues of attracting private investments to the Shamakhi district and to develop promotional and supportive mechanisms aimed at increasing investment in the region. For this purpose, the current situation regarding the economic potential, demographic characteristics, geographical location, climate conditions, production capabilities, human capital, and financial resources of the Shamakhi district has been analyzed.

In addition, within the framework of the project, meetings were organized with local entrepreneurs, and cooperation was carried out with several state institutions, experts, and KOBİA. During the business forum, it was announced that albeit the research was conducted specifically for the Shamakhi district, it can also emulate as a model for other regions of the country. The findings can be useful for local executive authorities in developing practical management decisions, attracting private investments, creating new jobs, and increasing production. As a result of the research, a concept has been developed for promoting the investment attractiveness and business opportunities of Shamakhi. Besides, proposals have been submitted for the establishment of SMB clusters, supply and packaging of natural honey and local medicinal plants, the efficient management of household waste, the expansion of agro-parks, supply points, and refrigerated warehouses, establishment of industrial parks, and the development of tourism.