On December 5, 2024, held a business forum with the participation of entrepreneurs within the framework of the project "Development of incentive and support mechanisms for increasing the attractiveness of Shamakhi region for private investments" organized by the Shamakhi Regional Executive Authority, the Small and Medium Business Development Agency (SMBDA) and the Institute of Economics of the Ministry of Science and Education (MSE)
In Shamakhi region, opening the event with a welcome speech, Director General of the Institute of Economics, Professor Nazim Muzaffarli, noted that the project "Development of incentive and support mechanisms for increasing the attractiveness of Shamakhi region for private investments" was implemented by the order of the Shamakhi Regional Executive Authority in 2024. He stated that the purpose of the study is to assess the opportunities for attracting private investments to the Shamakhi region and to prepare an incentive and support mechanism for increasing its attractiveness.
For this purpose, was analyzed the current situation regarding the economic potential, demographic characteristics, geographical location, climatic conditions, production capabilities, human capital, and financial resources of Shamakhi region. Studied the experience of a number of foreign countries. Also were conducted surveys among the local entrepreneurs.
Assessed the level of utilization of existing resources and the investment potential of the region. Appropriate incentive and support mechanisms were proposed to attract private investments.
Then, the head of the Shamakhi Regional Executive Authority, Tahir Mammadov, spoke about the importance of the business forum held with the participation of entrepreneurs, the investments attracted to the district and the development trends of local business, especially the agricultural sector and tourism, as well as opportunities and prospective fields for business in the district.
He highly appreciated the research conducted by the researchers of the Institute of Economics on Shamakhi region. He noted that the study was conducted based on official statistics, data from local institutions and the results of surveys. He noted that in order to ensure the effectiveness of the project, were held business meetings with representatives of the regional executive authority and local entrepreneurs, and held extensive discussions. It was emphasized that within the framework of the project, was carried out cooperation with the Shamakhi Regional Executive Authority, state bodies, leading academic institutions of the country, experts, entrepreneurs, as well as organizations such as SMBDA.
Orkhan Mammadov, Chairman of the Board of Directors of the Small and Medium Business Development Agency (SMBDA), provided information on the projects and measures implemented by SMBDA to support the development of entrepreneurship, business and investment opportunities in our country, and prospects for cooperation between business people.
Tural Mustafayev, head of the National Association of Businessmen and Marsol Group, spoke about the formation of a network of entrepreneurs in the regions and opportunities for business development.
Then, experts of the project "Development of incentive and support mechanisms for increasing the attractiveness of the Shamakhi region for private investments", employees of the Institute of Economics of the State University of Economics - Professor Tarbiz Aliyev, Associate Professor Famil Rustamov, Associate Professor Mahir Zeynalov and research fellow Minara Aghayeva made a comprehensive presentation on the topic "Business and investment opportunities: Why Shamakhi?" The presentation was met with interest, and answered the entrepreneurs' questions. Also, with the participation of the leadership of the Shamakhi Regional Executive Authority and entrepreneurs, were widely discussed the possibilities of attracting investments to various sectors of the local economy in Shamakhi.
It should be noted that the coordinator of the project is Professor Tarbiz Aliyev. A research group consisting of 10 specialists has been formed at the Institute of Economics of the Ministry of Sciences and Education for carrying out the research.
As a logical result of the research, was developed a concept for promoting investment attractiveness and business opportunities in Shamakhi, were analyzed the current state of entrepreneurship development in the region and the results of questionnaires conducted among entrepreneurs, was substantiated the feasibility of establishing the Daghlig-Shirvan Regional Innovative Development Center (SME clusters) in Shamakhi, and was developed its organizational structure. In addition, were made scientifically and practically significant proposals on the procurement and packaging of natural honey and local medicinal plants, efficient management of household waste, expansion of the network of agricultural park, supply points and cold storage facilities, creation of industrial and service districts, and development of tourism.
Although the results and recommendations of the study are primarily intended for the Shamakhi region, they can be used as an example for the socio-economic development of other regions of the country and be useful for local executive authorities in preparing practical management decisions, attracting private investments, creating new jobs, and increasing production and income (economics.org.az).
