A business event with entrepreneurs was held in Nakhchivan on February 27, 2021.

Vugar Abbasov, Chairman of the Nakhchivan Confederation of Entrepreneurs, attended the event and stated that the Nakhchivan Confederation of Entrepreneurs, operating since 2006, has been supporting successful business activities of entrepreneurs. The Confederation currently comprises 33 members, including businesspeople engaged in a wide range of activities such as manufacturing industrial and food products, furniture, construction materials, medical and commercial services. Additionally, family farms, beekeepers, poultry farmers, and greenhouse growers organized by our entrepreneurs maintain close ties with the Confederation.

Last year, bank and other credit institutions provided loans totaling 16 million 860 thousand manat for the creation or expansion of new production areas, and 20 million 816 thousand manat for the development of individual entrepreneurship. A total of 37 legal entities and 2,404 individuals were registered. The production facilities established in the autonomous republic are now capable of not only meeting domestic market demands but also exporting products to foreign markets. Following the instructions of the Chairman of the Supreme Assembly, support mechanisms for entrepreneurs were implemented in 2020 to mitigate the negative impact of the pandemic on entrepreneurship, and financial assistance was provided to relevant economic sectors.