Azerbaijani Entrepreneurs Rally in Support of Economic Policies Ahead of Presidential Elections

Against the backdrop of the imminent presidential elections scheduled for February 7, representatives of Azerbaijani entrepreneurship gathered at the conference titled "State-Entrepreneur Partnership: The Basis of Economic Sustainability." The assembly, a testament to the symbiotic relationship between the private sector and the state, saw a resounding endorsement of the political course charted by President Ilham Aliyev.

Mammad Musayev, President of the Confederation of Entrepreneurs of Azerbaijan, delivered a keynote address underscoring the robust role of the private sector in the nation's economic landscape. Musayev proudly announced that the share of the private sector in the Azerbaijani economy has surged to 86.5%, with an equally substantial share of 78.1% in employment.

Highlighting the entrepreneurial vigor within the nation, Musayev revealed that Azerbaijan boasts over 759 thousand entrepreneurs, with a staggering 99.6% of them actively engaged in micro, small, and medium-sized businesses. These enterprises, he emphasized, are the backbone of Azerbaijan's economic resilience and job creation.

Acknowledging the pivotal role of President Ilham Aliyev, Musayev lauded the extension of the moratorium on inspections of business entities until 2025. This initiative, stemming from the president's vision, has been a cornerstone in fostering an environment conducive to entrepreneurial growth and innovation.

In a nod to the government's commitment to entrepreneurial development, Musayev highlighted the impactful role of the Entrepreneurship Development Fund under the Ministry of Economy. Over the past two decades, this fund has injected more than 3 billion manats into the economy through concessional loans, financing over 45,600 investment projects. The ripple effect has been substantial, resulting in the creation of over 176,000 new jobs.

Musayev painted a vivid picture of the transformative journey of entrepreneurship in Azerbaijan, portraying it as a linchpin in regional economic policy. Since 2004, more than 52 thousand new enterprises have emerged, propelling the creation of over 1.8 million jobs in various regions of the country.