Research Information System
37th International Scientific Conference on Economic and Social Development - Socio Economic Problems of Sustainable Development, Baku, Azerbaijan, 14 - 15 February 2019, pp.1003-1011
The work indicates that developing the business and making improvements in this area, improving the legislative basis, domestic and foreign investments, modern technologies, attracting management experience, and using all ofit in producing high quality competitive goods are priorities of the state economic devolopment strategy. The aim of the state policy in this field is to improve the business environment and state support, to devolop relations between the state and entrepreneur, at the next stage, to creat new institutions in accordance with the requirements of market economy and to support their effective activities at the next stage.It was noted that the National Fund for Entrepreneurship Support is the first national financial institution to provide small and medium-sized businesses with preferential lending through the state budget for the establishment and development of private structures in the country. It operates under the Ministry of Economy of the Republic of Azerbaijan. As a result of changes in the normative-legal acts regulating the Fund's business, its elaborate mechanism of business have been formulated and the amount of funds allocated for issuing preferential loans from the state budget has been increased. The development of small and medium-sized businesses in Azerbaijan has particular importance in terms of diversification of the economy, increasing competitiveness, ensuring employment, meeting demand for consumer goods through local resources and ensuring economic development. Thus, when considering the share of small and medium-sized businesses in GDP and employment in developed countries, it can be concluded that transformation of small and medium-sized businesses into a major driving force in sustainable economic development in Azerbaijan is one of the main challenges ahead. The "Strategic Roadmap on the Production of Consumer Goods at the Level of Small and Medium-sized Enterprises in the Republic of Azerbaijan" has been developed as part of efforts of the country to ensure competitiveness, inclusiveness and sustainability in the country's economy.