Minister: Azerbaijan creates Regional Innovation Zone

Azerbaijan has begun creating Regional Innovation Zone (RIZ), Azerbaijani Communications and IT Minister Ali Abbasov said in an interview with Trend.

"RIZ, where regime of privileges will be applied, will encourage investments of foreign companies along with local companies, which will lead to a significant increase in the production of IT-products.

Export-oriented products will be produced within RIZ based on local and imported raw materials and semi-finished product," Abbasov added.

He said at the negotiations within the Trans-Eurasian Super Information Highway Project major telecommunications companies of Azerbaijan, Kazakhstan, China, Russia and Turkey are discussing two supposed routes: the main southern route - China, Kazakhstan, Azerbaijan, Georgia, Turkey, Eastern Europe and Germany, reserve northern route - China, Kazakhstan, Russia, Ukraine, Poland and Germany.

The project participants plan to hold regular meeting in Budapest in March 2012."Azerbaijani Communications and IT Ministry has launched work on the new project to enhance entrepreneurship development in the ICT sphere.

This project mainly aims at ensuring flexibility of new innovative projects, improving the investment environment, meeting investors' interests, establishing a state fund for ICT development to create the conditions to take part in joint projects. State fund for the ICT development will provide venture financing to develop innovative environment in the ICT sphere," Abbasov underlined.

Abbasov said through venture financing it will be possible to use foreign capital in risky, but at the same time promising and innovative projects of small and new enterprises.

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