TODAY.AZ / Business

Azerbaijan to increase volume of private investments

22 October 2019 [16:17] - TODAY.AZ

By Azernews

By Rasana Gasimova

The average growth of private investment in Azerbaijan is expected at around 11 percent in the coming years, Minister of Economy Shahin Mustafayev has said, Trend reported on October 22.

Mustafayev made the remarks while speaking at an extended meeting of the ministry’s collegium on the fulfillment of the instructions given by President Ilham Aliyev

About 59 percent of projects cover industry, 40 percent - agriculture and one percent – tourism. More than 27,000 jobs are expected to be created due to the implementation of these projects.

270 projects have been launched at 245 enterprises and about 19,000 jobs have been created. In the past nine months, entrepreneurs received 75 investment incentive documents for projects worth 807.6 million manats ($475 million), and a total of 730 supporting documents for the import of machinery, technological equipment and installations.

 Shahin Mustafayev instructed the ministry’s relevant structures to prepare specific proposals for enhancing research and analyzing the industry’s development potential.

Development of entrepreneurship is important for a country’s socio-economic growth. Thus, Azerbaijan makes maximum efforts to enhance the entrepreneurial activity.

Azerbaijan is actively working on the improvement of the role of the private sector by issuing concessional loans that have more favorable terms and conditions than those offered by the commercial finance market.

In the first half 2019, up to 50 million manats ($29.4 million) of concessional loans were issued to local entrepreneurs. As much as 68 percent of concessional loans accounted for the agricultural sector, and 32 percent - for industrial production and processing. About 44 percent of the loans were allocated for the regions and 56 percent – for Baku.

Concessional loans in the amount of 120 million manats ($70.58 million) will be issued in the second half of the year.

Recently, new categories of entrepreneurship have been approved in Azerbaijan. Previously, the categories of entrepreneurs in the country included small, medium and large enterprises. The new category includes micro businesses - companies with a staff of one to ten people and an annual income of up to 200,000 manats ($117,300).

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