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 next meeting of the "Corporate governance, investments, and corporate social responsibility" working group 13.09.24

During the meeting, the measures taken and tasks ahead concerning the improvement of our country's position in various ranking reports were discussed.

The next meeting of the "Corporate governance, investments, and corporate social responsibility" working group, led by the Small and Medium Business Development Agency (KOBİA), was held at the Baku SMB House.

The meeting was attended by representatives from the Ministries of Economy, Ecology and Natural Resources, Energy, and Justice, as well as the Central Bank, the State Statistics Committee, and other government and private institutions.

The meeting attended by Mr. Vusal Shikhaliyev, head of the unit of the economic policy and industry department of the Presidential Administration of the Republic of Azerbaijan and Head of the Secretariat of the Business Environment and International Ratings Commission, and Mr. Orhan Mammadov, Chairman of the Management Board of KOBİA and Head of the Working Group, performance of the implemention of the Action Plan of the "Corporate governance, investments, as well as corporate social responsibility" Working Group for the past period of 2024 alongside upcoming tasks were discussed.

At the meeting, KOBİA reported that essential efforts have been undertaken to ensure that Azerbaijan's data is accurately reflected in the "Entrepreneurship Policy and Culture" indicator of the Global Innovation Index.

Additionally, cooperation with the World Economic Forum has taken hold to carry out surveys and update data for the "Business Environment" and "Cluster Development" and "Cluster development" indicators of the Global Innovation Index.

Within the framework of the subgroup on Environmental, social, and corporate governance (ESG) standards, a part of Working Group, measures are taken to develop a national ESG standard by the technical support of International Organization for Standardization (ISO) with the Azerbaijan Standardization Institute.

The adoption of the aforementioned standard will facilitate the establishment of a broader regulatory framework for ESG, guide activities in specific directions, and enable the implementation of targeted promotional and incentivizing measures, and will also contribute to the realization of our country's green agenda.

Also, the meeting covered proposals and other current issues related to improving Azerbaijan's performance in the Global Innovation Index's "Environmental Performance" indicator and the Economic Freedom Index's "Investment Freedom" indicator.