SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

The role of SMBs in the Transition to the Green Economy Within the framework of COP29, a panel discussion was held on the topic “The Role of SMBs in the Green Economy” KOBİA and the "Invest Bulgaria" Agency to collaborate Within the framework of COP29, the documents for collaboration were signed to support the green transition of SMBs Representatives of the International Trade Centre (ITC) paid the visit to "Baku SMB House" A conference was held regarding the presentation of unified platform and the national standard for ESG A national standard on Environmental, Social, and Corporate Governance (ESG) has been adopted "KOB FEST" exhibition-sale fair held in Khachmaz A business plan – the key to successful and sustainable business "From Us to Business" startup competition is underway

Entrepreneurs rewarded 29.12.23

"Dayag" award was presented by KOBİA to 14 business entities selected for their notable performance in 2023.

For the past two years, "Dayag" award has been presented to representatives of the private sector for 2 years in recognition of their contributions to the country's economy. The purpose of the "Dayag" award established by the Small and Medium Business Development Agency (KOBİA is to reward companies that apply innovative and modern approaches in their business and manufacture export-oriented products and services, encourage them, as well as highlight the successes of entrepreneurs before the public, promote business thinking, and further fortify relations between the public and private sectors. The "Dayag" award, bearing a distinctive symbolic meaning, is also an indicator that the state always support entrepreneurs.

An event was held on December 28 with the support of the Ministry of Economy and the organization of KOBİA to present the 2023 "Dayag" award to entrepreneurs. The event, which was held with the attendance of representatives of state bodies, MPs, entrepreneurs, representatives of international organizations, commenced with the national anthem of the Republic of Azerbaijan and a minute's silence in memory of our martyrs who made the ultimate sacrifice for our territorial integrity.

Sahil Babayev, Minister of Labor and Social Protection of Population, Sahib Mammadov, Deputy Minister of Economy, Orkhan Mammadov, Chairman of the Board of KOBİA, Tahir Mirkishili, MP of the Milli Majlis, Head of the Parliamentary Economic Policy, Industries and Enterprising Committee, Mammad Musayev, and President of the National Confederation of Entrepreneurs (Employers) Organizations of the Republic of Azerbaijan were given the floor at the event. The speakers discussed the socio-economic triumphs achieved in the private sector in our country in 2023, the significance of entrepreneurs in ensuring employment, and future economic and entrepreneurship breakthroughs.

At the event, 14 successful entrepreneurs in 2023 were presented with the "Dayag" award in various nominations by the heads of state bodies. Entrepreneurs were awarded in the nominations "Successful producer", "Disability is not a limitation", "Tourism", "Active foreign company", "Active exporting company", "Clean environment and green growth", "Successful farmer", active marketing activities performed under the "Made in Azerbaijan" brand, "Young entrepreneur", "Successful female entrepreneur", "Successful Business in Promoting the Creative Industry", "Successful business education project for children", and successful business activities in the liberated territories.

Furthermore, the Ministry of Labor and Social Protection of the Population was awarded by KOBİA in the nominations "Effective support of SMBs operating in Karabakh", and the State Customs Committee was awarded in the nominations "Effective organization of G2B services".

At the event, grant awards were presented to 19 winners of the 4th grant competition announced by KOBİA to finance the projects of SMBs in the fields of education, science, research and support.

The event culminated with a cultural program.

The event was held with the support of "Kapital Bank", Association of Small and Medium Business Entities and Clubs (KOBSKA), "Development Corporation", "Green Stream" and "BEK Gererator".

Note: entrepreneurs, as the driving force behind economic development, play a critical role in ensuring stable and sustainable economic development and employment. Currently, Azerbaijan's private sector accounts for approximately 86% of GDP and 78% of employment. As in most countries, the vast majority of businesses in Azerbaijan (99.6%) are micro, small, and medium entities. Over the past five years following the implementation of new SMBs distribution criteria and the launch of KOBİA in 2018, the number of SMBs has expanded by more than 54% to 378,000. During this time, SMBs' share of non-oil GDP rose from 23.5% to 27.2%.