The average growth rate of private investments in Azerbaijan is estimated to be 11 per cent over the coming years, Shahin Mustafayev, the country’s economy minister has said, AzerNews has reported.
Speaking on October 22, Mr Mustafayev said that 59 per cent of ongoing investment projects covered industry while 40 per cent were in agriculture. The remaining one per cent covered tourism. More than 27,000 jobs are expected to be created once these projects are launched, the economy minister added.
In the first nine months of the year, 270 private investment projects were launched involving 245 enterprises and 19,000 jobs have been created, the minister noted.
During the first half of 2019, close to 50 million manats (29.4 million US dollars) of loans were issued to Azerbaijani entrepreneurs while another 70.6 million US dollars are expected be issued in loans before the end of the year.
Azerbaijan is one of the latest countries to introduce micro-businesses as a new business category (enterprises with from one to 10 employees and an annual income of up to 117,000 US dollars), in addition to small and medium-sized enterprises.
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