On September 29, Milli Majlis Committee for Economic Policy, Industry, and Enterprising held its next meeting. The new bill "On the development of micro, small and medium enterprises" was also discussed at the meeting.

Tahir Mirkishili, chairman of the Committee for Economic Policy, Industry, and Enterprising, noted that the development of entrepreneurship in Azerbaijan is one of the key focuses of the head of state's economic policy. Emphasizing the special role of micro, small, and medium entrepreneurship in the development of entrepreneurship, the chairman of the committee noted the importance of the work done in this field. The state and the Small and Medium Business Development Agency (KOBİA), he claimed, had both recently taken the essential actions to support entrepreneurship. Concessionary loans were offered to business owners, subsidies were distributed, and conditions were established for the opening of new workplaces. He said that the bill was submitted to the Milli Majlis as a legislative initiative by the President of the country. According to him, the document is crucial for the regulation and advancement of this industry.

Niyazi Safarov, adviser to the Minister of Economy, who participated in the meeting, said that despite the global crisis, stable and sustainable development is ensured in our country, negative economic and financial effects are prevented, positive economic and social development dynamics are observed, and a new strategic course is being implemented in response to modern challenges. Small and medium-sized businesses, which have a specific responsibility for fostering economic growth, can contribute significantly to the execution of these procedures.

In his remarks, Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency of the Republic of Azerbaijan (KOBİA), emphasised the need to make use of SMEs' opportunities in Azerbaijan in light of their potential. He pointed out the importance of the submitted bill and said that entrepreneurs will make proper use of it in their activities. It was claimed that programmes aimed at increasing the participation of SMEs in the country's economy are intended to be implemented under the "Socio-economic Development Strategy for 2022-2026 of the Republic of Azerbaijan." By extending the reach of SMEs while using present support mechanisms and establishing new, more effective targeted support mechanisms, the development of the country's current business climate will be further accelerated. Orkhan Mammadov discussed the steps taken in developing the proposed law and made note of the international research done in this area, the open debates held about the proposal, and the consideration of expert comments. According to him, the document having legal regulations that are up to date would contribute to the socioeconomic development of our country.

Then the first deputy chairman of the Board of of KOBİA, Natig Hasanov, presented the new bill "On the development of micro, small and medium entrepreneurship" in the first reading. It was reported that the law, which consists of 5 chapters and 15 articles, regulates relations in the sphere of micro, small and medium entrepreneurship development, establishes the forms and methods of state support promotion to micro, small and medium entrepreneurship entities. The main concepts used in the document, legislation in the sphere of micro, small and medium entrepreneurship development, state policy goals, principles and main directions, conditions for providing support to entrepreneurial subjects, forms of support, the procedure and evaluation, as well as state financial support, consultation and information, innovation, production and service support and other issues have been identified. According to the project, in order to coordinate activities in the sphere of micro, small and medium entrepreneurship development, it is planned to establish a coordination group, which is permanently operating under the authority of the institution determined by the relevant executive authority. A single register of micro, small, and medium-sized business entities is also created by the authorized institution, and it contains pertinent data on business enterprises. The procedure for conducting a single register and the list of data to be included in that register are determined by the regulation on the single register of micro, small and medium enterprises. The presentation also covered the anticipated outcomes of the law's adoption, its procedures for implementation, and upcoming alignment projects.

Deputy chairman of the committee Ali Masimli, members Vahid Ahmadov, Ziyad Samadzadeh, Vugar Bayramov, Rufat Guliyev, Mahir Abbaszadeh, and Mashur Mammadov expressed their views on the new draft bill, voiced their comments and suggestions. It was noted that the law would contribute to the development of the economy in the country. At the end of the discussions, the bill "On the development of micro, small and medium entrepreneurship" was recommended to the plenary session of the Milli Majlis in the first reading.

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