Establishment of the State Fund for IT development provide sector with competitiveness in domestic and international markets

The establishment in Azerbaijan of the State Fund for IT Development will allow the private sector to receive tax and customs concessions, credit and financial support from the state, Communications and IT Minister Ali Abbasov told reporters.

"This will provide the private sector with competitiveness in domestic and international markets," the Minister said.

He said the fund has been established under the auspices of the ministry, and its activity will promote private sector development in ICT in its earlier phases.

The order to establish the fund under the ministry was signed by the head of state on March 15.
The project is an innovation in ICT. It aims at to develop this sphere in Azerbaijan, increase the country's export potential in this area. Its main aim is to improve the business environment in the ICT, ensure the flow of foreign capital and improve the country's export potential.

The fund's primary objectives are to hold a public policy of development and support for small enterprises in the scientific and technical industries, and to provide them with direct financial assistance and training, which then creates new jobs.

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