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Innovation sphere participants to receive support

20 May 2019 [12:16] - TODAY.AZ

By Azernews

By Mirsaid Ibrahimzade

Innovative technologies are the key to solve complicated issues safer, faster and less risky.

Azer Bayramov, Executive Director of the State Fund for the Development of Information Technologies, has told Trend that all participants involved in the innovation sphere will be given support by the Innovation Agency under the Ministry of Transport, Communications and High Technologies of Azerbaijan.

He said that the objective of the Agency, which will soon begin its activities, will be improvement of innovation in the non-oil sector of Azerbaijan.

President Ilham Aliyev signed a decree on the establishment of the Innovation Agency under the Ministry of Transport, Communications and High Technologies on November 6, 2018.

The Agency will be a legal entity, which will support scientific research, encourage innovative projects (including startups), finance them via grants, concessional loans and investments in authorized capital (including venture financing) and promote innovation initiative.

Bayramov stated that several decrees have been signed by President Ilham Aliyev on the development of innovative technologies in Azerbaijan and they have led to the establishment of the State Fund for the Development of Information Technologies at the Ministry of Transport, Communications and High Technologies, as well as of the High Technologies Park.

The executive director also noted that in order to facilitate the development of innovations in Azerbaijan, InnoFest innovation festival will be held, and within the framework of this festival, several events will conducted. He also added that this festival will take part in Baku from May 29 to June 4 of this year and the primary purpose of this event is to develop innovations and implementat new projects in Azerbaijan.

Bayramov further touched upon the large-scale Monex Caspian Summit related to financial technologies, which is part of InnoFest festival.

Speaking about the Maintech innovation technologies forum, which is also part of InnoFest, Bayramov stated that the forum is very important event and its purpose is broadly expand innovative and technological products and services along with their export.

Then, the executive director emphasized the importance of presentation of WayRay technological startup company estimated at $500 million, which be held within the forum. Founder and CEO of the company Vitaly Ponomarev, who was born in Baku, will be among the speakers at the forum.

Bayramov added that Ponomarev’s speech should inspire young start-up entrepreneurs, for whom new opportunities are created considering the importance of the development of innovative entrepreneurs for Azerbaijan.

He also said that the common goal of the forum activities is to attract the interest of youth to the field of innovative technologies.


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