ECONOMY


REGIONAL DEVELOPMENT OF SMALL AND MEDIUM ENTREPRENEURSHIP IN FOCUS

Development of the economy in the country is closely connected with the private sector, in particular, with the small and medium entrepreneurial activity. It is not eventually that today three fourth of the Gross Domestic Production fall on share of the said spheres.

Currently, a greater part of a number of the fields of economy has been consolidated just in this field. Number of legal entities, registered with relevant bodies, totals 60 thousand, the Institute of Economy of the NAS of Azerbaijan Republic said. Of them, 80,2% is subject to small and medium entrepreneurship. In the last five years, proportion of the small and medium entrepreneurship in the GDP increased from 24,7 up to 43,7 percent. The mentioned spheres play a leading role in successful solution of the tasks on rise of production by small investment, expansion of the sphere of activity of the fields, service consumption, abolishment of monopoly in the hotel field of economy, conduction on comprehensive, sound and objective competition, reduction of social tension, democratization and market relations, abolishment of unemployment.

It was noted that approval of the new regulations of the National Fund on Assistance for Entrepreneurship and Rules of se of the Funds would present great significance in the development of regional entrepreneurship. Essential role in this cause will play the means at amount 250 billion manat to be allotted by the Fund as credit in 2003-2005s.

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