EU praises Azerbaijan potential in development of SMEs

Thu 07 December 2017 10:43 GMT | 14:43 Local Time

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Azerbaijan has great potential for the development of small and medium-sized businesses (SMEs) and the achievement of European indicators in this area, the head of Operations Section at the EU mission in Baku, Jeroen Willems said in Baku.

He noted that SMEs play a leading role in the economic growth of Europe and the creation of jobs, Vestnik Kavkaza reports. Willems stressed that about 99% of all businesses in Europe are small businesses. 85% of new jobs and two-thirds of all jobs in the private sector account for the SMEs. "SMEs make up 60% of GDP and employment in Europe," Trend cited the EU representative as saying.

According to Willems, these figures are much lower in Azerbaijan than European ones. He said that the development of SMEs will help increase the country's income and achieve European targets in this direction.

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