Reforms stimulate development of innovative entrepreneurship in Azerbaijan

The recent reforms carried out in Azerbaijan in the economic sphere have contributed to the development of the business environment and introduction of innovations, Deputy Chairman of the Azerbaijani Agency for Development of Small and Medium-Sized Enterprises Faig Abbasov said.

Abbasov made the remarks in Baku at a meeting dedicated to the development of innovative entrepreneurship in Azerbaijan, Trend reports.

He stressed that the recent amendments made to the Azerbaijani tax legislation served as a great impetus to the development of innovative entrepreneurship in the country.

“The conditions created for the development of start-ups in the business sphere can be cited as an example,” Abbasov said. “At the same time, a big incentive in this sphere was the exemption of start-ups from income tax for three years.”

“Moreover, a number of changes positively affecting the development of innovative entrepreneurship and strengthening the business environment in Azerbaijan were made in the country’s tax legislation,” he added.

He stressed that the projects aimed at supporting and strengthening entrepreneurial activities and creating optimal conditions for business promotion through the Agency for Development of Small and Medium-Sized Enterprises are currently being implemented in the country.

The representatives of the state structures, entrepreneurs from cities and regions, as well as private business companies took part in the meeting dedicated to the development of innovative entrepreneurship.