Azerbaijan's Small and Medium Business Development Agency (SMBDA) gave opinions and proposals on 122 draft regulatory documents, Azernews reports.

Chairman of the agency Orkhan Mammadov told a press conference on the results of 2022 that within the framework of participation in the formation and regulation of state policy in the sphere of entrepreneurship, two normative-legal acts developed at the initiative of the agency were adopted, as well as three other draft laws were agreed upon.

"Thus, the draft law 'On the Development of Micro, Small, and Medium Enterprises' passed all three readings in the Milli Majlis (Parliament)," Orkhan Mammadov said.

This law will regulate relations in the field of development of micro, small and medium enterprises and will determine the forms and methods of stimulating state support to the sector.

“Furthermore, in addition, a total of nine surveys were conducted with the participation of over 2,500 SMEs, covering Baku and the regions," he added.

Mammadov noted that the agency held 137 meetings with over 3,000 entrepreneurs in presence in 2022, and the Public Council under the agency organized 7 public discussions with the participation of over 550 entrepreneurs.

Orkhan Mammadov added that the agency plans to create SME Investment Fund in six months.

"Currently, negotiations are going on, opinions are collected and approval from the Finance Ministry is awaited. I think this is a new tool and will be useful for entrepreneurs. We want to attract both local and foreign investors, in addition to state funds," he concluded.