The Agency for the Development of SMEs, Investment and Export Promotion has commenced operations, replacing KOBIA and Azpromo.
The development of entrepreneurship, the attraction of investment, and the expansion of non-oil exports are becoming important directions of Azerbaijan's economic policy.
A new stage in this work is linked to the launch of a structure intended to bring together business support mechanisms and create more coordinated conditions for its growth.
The Agency for the Development of Small and Medium-Sized Enterprises (SMEs), Investment and Export Promotion in the Republic of Azerbaijan under the Ministry of Economy has begun operations in Azerbaijan.
The Agency was established in accordance with the Decree of the President of the Republic of Azerbaijan On improving management in the field of the development of micro, small and medium-sized businesses, the promotion of investment and exports, and the regulation of certain related issues.
In accordance with the decree of the Head of State, the Agency has been established under the Ministry of Economy of Azerbaijan, based on the "Small and Medium Business Development Agency of the Republic of Azerbaijan" (KOBIA) and the "Azerbaijan Export and Investment Promotion Foundation" (AZPROMO)—both public legal entities whose terms of operation have concluded.
According to the head of state's Decree, the Agency is an institution within the structure of the Ministry of Economy that operates in the direction of supporting the development of micro, small and medium-sized entrepreneurship, promoting investment and exports in the non-oil (gas) sector, participates in protecting the interests of business entities, and coordinates the services of state bodies (agencies) and entrepreneurs in this field.
The creation of the new Agency forms a single institutional platform for supporting micro, small and medium-sized businesses, stimulating investment, and promoting Azerbaijani exports. In a broader sense, it is about the further formation of an environment in which the private sector gains more opportunities for development, entering new markets, and attracting capital.
Systemic support for entrepreneurship, investment activity, and non-oil exports can become one of the instruments for strengthening economic diversification and increasing the resilience of the national economy.
It is precisely such systemic support that creates new opportunities for entrepreneurs, contributes to the expansion of production, the attraction of investment, and the strengthening of the positions of Azerbaijani products in foreign markets. Ultimately, this contributes to the further diversification of the economy, the strengthening of the role of the private sector, and the formation of a sustainable foundation for the country's long-term economic growth.
