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List of economic priority sectors where additional support for micro, small and medium business entities is planned, has been approved 06.02.24

The execution of the Law No. 661-VIQ of December 2, 2022 of the Republic of Azerbaijan "On the Development of Micro, Small and Medium Enterprises" and amending Decree No. 148 dated June 26, 2018 of the President of the Republic of Azerbaijan "On ensuring the activities of the Small and Medium Business Development Agency of the Republic of Azerbaijan" are implemented by the order given by subsection 2.2.2 of the Decree No. 2001 dated January 26, 2023 of the President of the Republic of Azerbaijan on the annulment of Decree No. 171 dated August 4, 1999 "On the application of the Law of the Republic of Azerbaijan "On State Support to Small Entrepreneurship".

In accordance with the decision, a list of priority areas of the economy, where additional support for micro, small and medium business entities is planned, was established. The Ministry of Economy of the Republic of Azerbaijan has been instructed to submit proposals to the Cabinet of Ministers of the Republic of Azerbaijan regarding the development of additional new support mechanisms aimed at promoting the growth of the areas mentioned in the list.

Upon adopting the decision, flexible mechanisms shall be formed to accelerate the development of the specified areas due to new and more efficient supports, form a competitive and stable economic environment in this area against the negative trends that may arise in the global economy, and additional support will be provided in this area to help the national economy achieve its development goals in medium-term priority directions.

Upon adopting the decision, the micro, small and medium entrepreneurship ecosystem in our country will be supported through the flexible application of stimulating mechanisms that are globally reputed common practices and meet modern requirements against potential uncertainties that may arise in the global economy. Consequently, the investment and innovation endeavours of micro, small and medium business entities will be protected, their role and influence in the country economy will be reinforced. Furthermore, in light of the challenges posed by the global economy, the development trends of micro, small and medium entrepreneurship in the country will be analysed, their primary economic hubs will be identified, and an effective support system will be established to cater to the modern requirements of the economic and social needs of these areas.

https://nk.gov.az/az/senedler/qerarlar/mikro-kicik-ve-orta-sahibkarliq-subyektlerine-elav-7788