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KOBİA is in the top five in the EU report 17.05.22

The European Union-Azerbaijan business forum was held on May 17. The event was attended by officials from both sides, representatives of international organizations and entrepreneurs.

The report "Business Environment in Azerbaijan - 2021" prepared with the support of the European Union was also presented at the business forum. According to a survey of European companies on ongoing local reforms and performance appraisals, the Small and Medium Business Development Agency (KOBİA) has significantly improved its position in the top five (6.04 points). In the report, foreign investors considered the support and services provided by KOBİA to support SMEs to be effective and useful. The report also notes the effective operation of SME houses, SME development centers, SME friends network and other services operating under KOBİA.

Speaking at the panel meeting on "Access to Financial and Other Resources" organized within the forum, Orkhan Mammadov, Chairman of the Board of KOBİA, shared his views on the access of SMEs to financial resources. It was noted that efforts are being made at the global, regional and national levels to facilitate the financing of SMEs. In this area, free financial training and consulting services are provided within the framework of its own financial instruments, as well as through the Agency's more than 20 SME development centers, to increase the financial literacy of SMEs, facilitate access to existing funds. KOBİA provides grants to SMEs, part of the costs of domestic market research are funded by the state, and a Startup certificate is issued, which exempts SMEs from profit and income tax on their revenues from innovation activities for 3 years. The Center for Development of Public-Entrepreneurial Partnership under the Agency also implements a number of measures to involve SMEs in various projects. At the same time, Orkhan Mammadov noted that work is underway to establish the SME Development Fund, noting that the Foundation will offer grants and technical assistance to SMEs.