On April 30, a seminar titled “Entrepreneurs’ Day: Export Prospects of the Nakhchivan Autonomous Republic” was held in Nakhchivan.

Participants of the event first visited the statue of the National Leader Heydar Aliyev in the main square of Nakhchivan city and paid their respects to the Great Leader’s memory.

The event continued at the Business Center in Nakhchivan city, where a moment of silence was observed to honor the memory of the Great Leader Heydar Aliyev and the martyrs.

Fuad Nagiyev, the authorized representative of the President of the Republic of Azerbaijan in the Nakhchivan Autonomous Republic, noted that April 25 is celebrated annually as Entrepreneurs’ Day in Azerbaijan based on the Presidential Decree of April 21, 2016. He congratulated the entrepreneurs of the autonomous republic on this notable day and wished them success in their activities.

The authorized representative mentioned that under President Ilham Aliyev’s leadership, systematic reforms are being implemented in the private sector. As a result, a healthy economic development model has been established, macroeconomic stability has been achieved, and social welfare indicators have risen. For instance, compared to 2003, the gross domestic product has increased from $7 billion to $72 billion, foreign exchange reserves have grown from $1.6 billion to $69.5 billion, the minimum wage has risen from 9 AZN to 345 AZN, the minimum pension has increased from 20 AZN to 280 AZN, and the poverty rate has decreased from 50% to 5%.

Fuad Nagiyev emphasized that developing the private sector, expanding production, and increasing export potential are strategic priorities for the economy. He highlighted that the “Azerbaijan 2030: National Priorities for Socio-Economic Development” plan aims to establish a “sustainable, competitive economy” as a primary goal. The principles of inclusive and private sector-driven economic growth, successful interaction between society, business, and government, strengthening public-private partnerships, diversifying exports, creating business-friendly governance, and increasing local products’ access to foreign markets are being defined. He also noted that institutional measures play a significant role in fostering entrepreneurship. Recent years have seen increased transparency in the judicial and legal systems, reduced unfair competition, and a tax and customs policy that stimulates entrepreneurial activity.

Fuad Nagiyev pointed out that the “State Program for Socio-Economic Development of the Nakhchivan Autonomous Republic for 2023-2027” outlines key directions for the development of the private sector, including creating a favorable business environment, applying tax, customs, and social insurance benefits, attracting local and foreign investments, expanding banking and insurance services, providing concessional loans, and establishing free economic zones. Preparations are underway for creating a Free Economic Zone encompassing the entire Nakhchivan Autonomous Republic, with a special economic regime being developed based on feedback from relevant authorities.

He also mentioned that the first priority in the development of entrepreneurship is establishing a proper export mechanism. While entrepreneurs must focus on producing competitive products, the state’s responsibilities include providing logistical support, customs and tax benefits, and promotional methods.

Abbas Ismayilov, the Deputy Minister of Economy and Acting Minister, highlighted the positive trends in the dynamic development of the autonomous republic’s economy. He reported that in 2023, total production exceeded 1.55 billion AZN. In the first quarter of 2024, the gross domestic product was 318.8 million AZN, which is a 2.9% increase compared to the same period in 2023.

He added that to enhance transparency in the economy, a soft transition was implemented until March 2024, with a focus on minimizing tax control measures. Compared to 2022, the number of mobile tax inspections decreased by nine times, and operational tax control measures fell by more than four times. In addition, new service centers meeting modern standards were established in Nakhchivan city, Sharur, and Ordubad regions, offering electronic services provided by tax authorities. The number of services provided by these centers increased 2.8 times in 2023 compared to the same period in 2022, and by 2.7 times in the first quarter of 2024 compared to the previous year. Revenue from privatization in 2023 was 2.3 million AZN, a 2.5-fold increase compared to the previous year, with a 12.3-fold increase in the first quarter of 2024 compared to the same period in 2023.

Abbas Ismayilov emphasized that financial accessibility is one of the most crucial factors in the rapid development of entrepreneurship. In 2023, the Nakhchivan Autonomous Republic’s Entrepreneurship Development Fund provided 6.2 million AZN in concessional financial support for 40 investment projects. Of this amount, 84.8% was directed towards industrial production, 11.7% towards agriculture, and 3.5% towards services. In the first quarter of 2024, the number of financed projects increased by 33.3%, and the amount of concessional loans issued increased by 2.5 times compared to the same period last year. Over the past year, banks and credit institutions in the autonomous republic issued over 130.4 million AZN in loans to the real sector, which is 2.7 times more than in 2022.

State support for entrepreneurs’ participation in business forums, exhibitions, and conferences both locally and abroad has created favorable conditions for increasing exports. In 2023, food industry, agriculture, construction, and furniture products produced in Nakhchivan were exported to nine countries. The number of certificates of origin issued in 2023 increased by 24.4% compared to 2022, and this figure rose by 36% in the first quarter of 2024 compared to the same period last year. Additionally, an operational working commission has been established to address potential issues in trade operations with Turkey, involving representatives from the Ministry of Economy, Ministry of Agriculture, Food Safety Agency, Ministry of Foreign Affairs, and State Customs Committee of the Nakhchivan Autonomous Republic. Abbas Ismayilov conveyed congratulations from Tamerlan Taghiev, Azerbaijan’s Trade Representative in Turkey.

Abbas Ismayilov extended his congratulations on Entrepreneurs’ Day, thanked all entrepreneurs for their contributions to the development of the country and the autonomous republic, and wished them continued success.

Vugar Abbasov, the Chairman of the Nakhchivan Entrepreneurs Confederation, also spoke at the event, discussing the efforts to develop entrepreneurship in the autonomous republic. He noted that the government is consistently taking measures to develop the entrepreneurial environment and applying continuous support mechanisms. Entrepreneurs benefiting from these opportunities are making significant contributions to the economic development of the autonomous republic.

Teymur Rzayev, Director of “Laziz Food Industry” LLC, highly appreciated the government’s support for the development of entrepreneurship.

The event also featured the screening of a film dedicated to Entrepreneurs’ Day.

It was noted that by the decree of the Chairman of the Nakhchivan Autonomous Republic Ali Majlis dated April 26, 2024, Sakhavat Humbatov, Namiq Novruzov, Seyfaddin Rahimov, and Teymur Rzayev were awarded the “For Distinguished Service” medal for their effective activities in the field of entrepreneurship. The awards were presented to the honored entrepreneurs.

The event included a discussion of entrepreneurs’ proposals, responses to their questions, and the recording of their issues.

At the end of the event, presentations were made on the border trade regime applied by the Republic of Turkey, the preferential trade regime applied by Turkey to the autonomous republic, the export procedures for products manufactured in the autonomous republic, and the new website of the State Tax Service under the Ministry of Economy of the Nakhchivan Autonomous Republic.