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Business forum held on the existing opportunities and prospects in mining industry 09.06.23

At the business forum on the topic "Opportunities and prospects in the mining industry", information was provided on the mineral deposits in our country, especially in the liberated territories, investment in the mining sector, the requirements of the legislation on the use of the underground, and the application of new technologies in this field.

A business forum on "Opportunities and prospects in the mining industry" was held in "Baku SMB House" with the joint organization of the State Agency for the Use of Mineral Resources and the Small and Medium Business Development Agency under the Ministry of Ecology and Natural Resources.

The representatives of relevant state bodies and entrepreneurs operating in the mining industry attended the event.

At the forum, information was provided on the application of the newly launched “Electronic platform” to ensure the efficiency of the mineral deposits in our country, especially in the liberated territories, investment in the mining sector, the requirements of the existing legislation on the use of the underground, the application of new technologies, the involvement of natural resources in the economic cycle, accountability, transparency and services in the abovementioned field.

Speaking at the event, Shaig Adigozalov, Division Head of the Department of Economic Affairs and Innovative Development of the Administration of the President of the Republic of Azerbaijan reported on the outstanding potential of our country in the mining industry, the existing legislation, measures implemented in this field, employed modern technologies, the work done in ensuring transparency, and also mentioned that through the relevant measures the sector become more attractive for local and foreign investments.

Orkhan Mammadov, the Chairman of the Board of the Small and Medium Business Development Agency (KOBİA) stated that the Agency regularly holds meetings and events in various industries, including the mining industry, together with relevant agencies to study the challenges and needs of entrepreneurs. He also noted that a Working Group was established with the involvement of 13 state bodies and 2 public associations in the mining industry. The key issues arising out of the industry consist of some illegal activities in this field, setbacks occurring during the development process in the mining industry, and the lack of awareness of entrepreneurs about the legislative requirements and innovations in the field. The chairman of KOBİA invited entrepreneurs operating in the mining industry to ardently cooperate with state bodies and business associations specialized in this sphere to advance their businesses and triumph over existing setbacks.

Samir Idayatov, Chairman of the Board of the State Agency for the Use of Mineral Resources, noted that the organization of auctions has been launched to make the mining industry transparent, form a free competition environment in this field, and apply the norms and standards established by legislation. He also reported that the goal is to encourage entrepreneurs to invest in this field, effectively exploit mineral deposits applying modern technologies without any loss, and engage entrepreneurs in the economic cycle.

At the forum, presentations on the use of the underground, the application of new technologies and the "Electronic platform" were given by the employees of the Geological Exploration Agency, the State Agency for the Use of Mineral Resources and "Pasha Bank" OJSC on mineral deposits in our country, the legislation.

As part of the event, "B2B" meetings were also held between the relevant state bodies and entrepreneurs, and the questions from business entities on the mining industry, the allocation of financial resources for activities in this field, and state support for business establishment and development were addressed.