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KOBİA: "Work is underway on new support mechanisms for SMEs" 24.06.22

The process of establishing the SME Development Fund, which will expand the access of SMEs to financial resources, continues. The regulatory framework for the application of the clustering model is nearing completion. Work is underway to create an e-KOB house platform.

This was stated by the Chairman of the Board of the Small and Medium Business Development Agency (KOBİA) Orkhan Mammadov at a business forum on "The role of the BSTDB in supporting a diversified and innovative economy in a changing world" organized by the Black Sea Trade and Development Bank (BSTDB).

It was noted that the innovative diversification of business requires adequate funding. Alternative sources of finance will be important in the future to ensure sustainable financial resources. The main feature of the SME Development Fund, which is currently being established, is its ability to offer grants and technical assistance.

Public-private partnerships and clustering are good models in terms of diversifying the national economy and involving the private sector in the process. The Tax Code provides a number of tax benefits for SME cluster companies and SME cluster participants. The formation of SME clusters will stimulate more intensive and sustainable economic development and a significant expansion of employment opportunities. These business models can also be applied in the process of rebuilding liberated Karabakh and re-integrating it into the country's economic value chain.

Digitization of SMEs and increasing their role in the green economy is also a key element in achieving economic diversification and innovation. The services of the e-KOB house platform, which is currently being created, will be provided in a non-stop-shop mode, which will make the services more accessible to SMEs.