"E-SME House" nears completion as SME support expands in Azerbaijan, says Chairman

The establishment of the "E-SME House" in Azerbaijan is in its final stages, marking a significant step in digitalizing support for small and medium-sized enterprises (SMEs), Azernews reports.

Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency (KOBIA) under the Ministry of Economy, shared this update at the 1st International "Caspian Innovation Forum," organized by the "Caspian Energy Club" in Baku.

Highlighting Azerbaijan's digital transformation priorities, Mammadov stated, "As in rapidly developing countries, the digitalization of the economy, the establishment of a digital economy, and the implementation of innovations are among the priorities for Azerbaijan. In this regard, the main components of the digital economy, such as e-commerce, e-governance, e-payment, cybersecurity, e-signature, digital solutions, and other innovative measures taken in our country, increase the prospects for new development, the development of an innovative business ecosystem, and the promotion of the use of created products and services by both the private and public sectors within the country."

The SME Agency is playing a pivotal role in this transformation. "The SME Agency, in turn, is working to improve the business environment, increase the effectiveness of the regulatory system, ensure the targeting of various support measures, and ensure unhindered and convenient access to them for entrepreneurs. I would like to note that the Agency is already nearing completion of work on the creation of an electronic system - the 'E-SME House Portal' - that will coordinate the work of entrepreneurs with state agencies and other entrepreneurs, integrate the services provided to entrepreneurs, and other functions," Mammadov explained.

In addition to infrastructure developments, KOBIA has prioritized human resource development. This year, more than 10,000 people have benefited from free training, consulting, and mentoring services offered by SME development centers across Azerbaijan. "Strengthening the human resource potential of entrepreneurs and startups, as well as increasing their knowledge and skills, are among the priority areas for adapting to the new economic environment and adequately using modern technologies in their activities," Mammadov noted.

He further elaborated, "Free training is provided to those who want to start a new business, startups, and entrepreneurs through SME development centers operating in various cities and regions of Azerbaijan, and consulting and mentoring services are provided. The number of beneficiaries of these services of SME development centers during 2024 will exceed 10,000."

The upcoming "E-SME House Portal" and the ongoing support for SME development signify Azerbaijan's commitment to fostering innovation and empowering entrepreneurs in the rapidly evolving economic landscape.