The Zangazur corridor will connect Turkic-speaking countries with a total nominal GDP of over $1.1 trillion both strategically and economically, Chairman of the Board of Azerbaijan’s Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov said on Friday.

Mammadov was speaking at a conference on the topic “Innovative activity of small and medium-sized enterprises during stabilization of post-pandemic economic growth” in Baku, News.Az reports.

He noted that the priority area for the development of cooperation is to strengthen the stability of the economies, increase the level of preparedness for unforeseen situations and develop the business environment based on modern, digital technologies. “In this regard, the use of innovation and high technologies in management, as well as the principles of the "green" economy will determine the direction of global economic development and investment flows in the coming decades.”

Mammadov said the national priorities of Azerbaijan by 2030 also envisage the development of small and medium-sized businesses in the country.

Azerbaijan is interested in integrating business innovations and technologies, which will create an opportunity to increase the competitiveness of our businessmen both in the domestic and foreign markets, the SMBDA underlined.

According to Mammadov, in the non-oil industry, the state subsidizes up to 50-80 percent of the costs of each businessman for market research within a program to support small and medium businesses.

"Work in the direction of supporting entrepreneurship both by our agency and with the support of the state will be continued," he added.

News.Az