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08.07.2013 12:07

Minister: Azerbaijan greatly needs innovative enterprises

The main issue in the development of innovative entrepreneurship in Azerbaijan is the availability of investments in start-up projects, the Minister of Communications and Information Technologies of the Republic of Azerbaijan Ali Abbasov told journalists on Thursday.

According to the minister, another obstacle for beginning entrepreneurs may be the problems related to entry into the market which is conditioned by existing fierce competition.

"Various funds are operating for the development of start-up companies including the State Fund for ICT development and technology parks where tax and customs privileges are provided such firms. An important direction for the development of innovative ideas is their convergence with investors. We will strive to ensure that young entrepreneurs who want to do business have the opportunity to implement projects of an innovative character," Abbasov said.

According to the minister the development of innovative entrepreneurship is the main direction of development of Azerbaijan's economy in the next eight to 10 years.

Abbasov said that today there is a great need for start-ups in the development of new companies.

"There are a lot of young people with intellectual potential in Azerbaijan. These people are looking for ways to build their business. For the development of this field it is necessary to create the appropriate conditions and give support," the Minister said.

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