SME Development Agency to conduct domestic market research

By Azernews

By Leman Mammadova

The Agency for the Development of Small and Medium-sized Enterprises (SMEs) continues to stimulate activities of micro, small and medium-sized businesses in the country.

The Agency began to accept applications from SMEs to provide state support for domestic market research.

Following the requests, relevant study is expected to be carried out by specialized local and foreign legal entities and individuals, including consulting companies.

In this regard, the Agency has held a meeting to inform local and foreign legal entities and individuals about domestic market research.

The event, which was attended by representatives of local and foreign consulting companies, provided detailed information on the requirements and evaluation criteria for such studies.

Domestic market research is an activity carried out to determine the current situation of the domestic market in the light of the expansion of the activities of SMEs, as well as the creation of new types of products or services.

Local and foreign legal entities and individuals, including universities, institutes, special research and analysis centers, consulting companies will be involved in the domestic market research.

Eighty percent of the costs of researches conducted on requests from micro-enterprises, and 50 percent from small businesses will be covered by the state. The amount of funds allocated for each study will be up to 20,000 manats ($11,730).

SMEs can reach the application form and additional information on the domestic market research on the Agency’s official website.

The main task of the Agency is ensuring the succession of reforms, improvement of the business regulation system, and application of effective coordination, enhancing the role and competitiveness of SMEs in the country's economy, as well as the compliance of the management system in this area with modern requirements.

The Agency establishes the Friend of SMEs offices in the country as a mechanism that helps to identify and implement initiatives of SMEs, realize their potential, provide them with support at all stages of their development and protect the rights of entrepreneurs.

At present, Friends of SMEs are operating in 14 cities and regions of the country, and entrepreneurs from surrounding areas can also use their services.

The share of SMEs in employment in Azerbaijan was 76 percent last year, and in recent years, comprehensive work has been carried out for the development of SMEs. In particular, inspections of business entities have been suspended and the process of obtaining licenses has been simplified.

The share of SMEs in Azerbaijan’s foreign trade is planned to increase to 40 percent after 2025.