SMB

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

The most active entrepreneurs of 2024 have been awarded A citizen reception was held at KOBİA Results of the 6th grant competition announced for financing projects by SMB entities have been disclosed A memorandum on the green transition of SMBs signed between KOBİA and the Asian Development Bank Business forum conducted within the framework of the project "Increasing attractiveness of the Shamakhi district for private Investments" New Startups Contributing to Digitalization The 9th "KOB Fest" exhibition -sales fair is underway in Göyçay With the support of KOBİA, Azerbaijani entrepreneurs' products were showcased at the "MÜSİAD EXPO" and "Halal Expo" exhibitions Yet another meeting of the sub-group on Environmental, Social, and Corporate Governance (ESG) standards was held 8 more SMBs have received the "Startup" certificate

The Azerbaijan’s Growth Dynamics for SMB Sector continues 23.11.24

The increase in the number of SMBs, their share of employment, and added value highlights their growing contribution to the sustainable development of the economy and underscores the effectiveness of the government’s support measures for SMB activities.

A positive growth dynamic is recorded in micro, small, and medium-sized enterprises (SMBs), which account for 99.7% of businesses across the country.

Positive trends are reflected in the hike of the number of SMBs, their share in employment and added value, as well as in the number of employees.

Thus, compared to 2022, the number of SMBs rose by 6.2% last year, reaching 401,149. In 2023, 125,159 new SMB entities were established.

The share of SMBs in added value rose from 13.9% in 2022 to 18% in 2023, marking 4.1 percentage point growth.

Last year, SMBs contributed 20.1 billion manats in added value to the national economy, reflecting a 16.9% increase compared to 2022. The share of SMBs in employment continues to rise having reached 44% last year. This indicator is 2.2 percentage points higher compared to 2022. During this period, the share of SMBs in employment in the non-oil sector grew from 43.1% to 45.3%. In 2023, the number of employees operating in SMBs stood at 90,800, which represents a 5.6% increase compared to 2022. All these indicators highlight the expanding role of SMBs in the national economy and employment, particularly in the non-oil sector, while also underscoring their growing contribution to the sustainable development of the economy that reflects the effectiveness of the government’s support measures for SMB activities. Positive trends in the SMB sector also contribute to achieving the goals outlined in the "Social and Economic Development Strategy of the Republic of Azerbaijan for 2022–2026," which aims for growth in GDP, non-oil exports, and foreign direct investments, as well as reaching the planned indicators for the SMB sector.