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Jun 25, 2024 530

"Azerbaijan has made progress in creating a favorable environment for startups and innovations"

#Local

"The Ministry of Economy told AZERTAC that according to the report, progress was reflected in the creation of numerous institutions and programs aimed at supporting business development and promoting innovation (for example, the development of large-scale events, technology parks and business incubators)."

According to the World Economic Forum's report "IDEA: Investment in Azerbaijan's Digital Economy," Azerbaijan has made significant progress in creating a favorable environment for startups and innovations. The Ministry of Economy informed AZERTAC that the report highlights the advancements made in establishing numerous institutions and programs aimed at supporting business development and promoting innovations, such as large-scale events, technoparks, and business incubators.

The report notes that in recent years, the digital economy has been accepted as part of the socio-economic development goals in Azerbaijan. It states that in line with the national vision for diversifying the economy and reducing dependence on the extractive industry, Azerbaijan considers the role of foreign direct investments crucial in promoting digital development and enhancing global competitiveness. Through the socio-economic development strategy for 2022-2026, the Azerbaijani government pays special attention to attracting foreign investments, implementing reforms, and stimulating the private sector.

The report emphasizes that although the majority of foreign direct investments in Azerbaijan are concentrated in the oil and gas sector, a closer look at the activities of foreign investors operating in the country reveals that most new investment projects (from January 2016 to April 2023) are focused on sectors such as financial/business services, software, IT services, and industrial equipment manufacturing. The Azerbaijani government is conducting large-scale reforms with a focus on the digital economy. The report's authors mention the preparation of the Digital Economy Strategy and the socio-economic development strategy for 2022-2026 among the implemented measures. Since December 2022, a special working group has been established under the Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIM) to create a sustainable and competitive digital economy.