ECONOMY


AmCham in Azerbaijan welcomes formation of “ABAD” centers

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Baku, September 29, AZERTAC

American Chamber of Commerce in Azerbaijan (AmCham) welcomes President Ilham Aliyev’s decree on formation of “ABAD” public legal entity under the State Agency for Public Service and Social Innovations.

The main aim of ABAD is based on implementing projects that support small and medium enterprises and establishing fund to finance these projects; identifying the exact target group and creating proper conditions for use of modern technological equipment for agriculture products; assisting to prepare business plans and organize various functional services; organizing certification of produced products on the basis of “one window” principle; dealing with logistics; sharing best practices; taking other measures for development of production oriented entrepreneurship.

This highly important decree is critical from various sides. According to the Executive Director of AmCham, Ms. Natavan Mammadova, “firstly, this decree will be an important basis for further development of agriculture and other sectors, especially in rural parts of Azerbaijan. It will have an impact on economic diversification and export of diverse goods with higher comparative advantage. Secondly, socio-economic conditions of people in regions will be enhanced. Cash generation through enhanced logistics, access to market and business functions will create added value to the business chain. Third, people with less information and knowledge about the legal and policy issues will enjoy the one window principle”.

Overall, the decree will promote active participation of citizens in socio-economic development of the country, boost entrepreneurship in regions and create competitive family business with access to diverse services and financial resources.

AmCham has been working in Azerbaijan since 1996 and currently consists of 270 companies representing more than 80% of foreign investments in the country and currently serving as a bridge between the Government and private sector and having continuous constructive and result-oriented dialogue with relevant government bodies. The Chamber promotes the business interests of the member companies, contributes to the improvement of the business climate in Azerbaijan.

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