Azerbaijan

Azerbaijan is located in the eastern part of Transcaucasia on the coast of the Caspian Sea, belongs to Western Asia. Azerbaijan has turned into a state that was the first to master the powerful energy potential of the Caspian Sea and form a new economic model in the development of the region.

Official name — Republic of Azerbaijan.

The state covers an area of about 86.6 thousand km² (112th in the world). At the beginning of 2023, the population of Azerbaijan was approximately 10,597,852 people.

By ethnic composition, 90% of the population of the country — Azerbaijanis, 3% — mountain peoples (Kurds, Lezgins, Udins, Avars, etc.), 2% — Armenians, 2.5% Russians, 2.5% — other nationalities.

The official language of the country — Azerbaijani. Russian and English play an important role as languages of instruction and communication. In addition, indigenous peoples speak Lezgin, Talysh, Avar, Georgian, Tsakhur, Kurdish, Tat, Udi.

According to the current Constitution, Azerbaijan — secular state, so religious life is separated from the secular. There are many religious confessions in the country, as Azerbaijan — a multinational country in which many ethnic groups live. Despite this, Islam remains the dominant religion and 99.2% of the population of the country — Muslims. About 85% of Azerbaijani Muslims profess Shiite Islam, and 15% — Sunni Muslims. This division is directly related to the fact that part of Azerbaijan was part of Iran for a long time, the only country where Shiite Islam is considered the state religion.

The official currency of the country is the Azerbaijani manat.

The capital of the country — the city of Baku, the largest scientific, technical and industrial center of Transcaucasia, as well as the largest port on the Caspian Sea and the largest city in the Caucasus. The main industries that ensure the economic development of the city are international trade, oil refining, chemical, machine-building, food, and textile industries. In recent years, the military industry, high-tech industries and information technology have been developing strongly. Baku oil and gas region — the largest region in terms of production, oil and gas reserves in Azerbaijan. The oil fields of the region are located within the South Caspian oil and gas basin, on the territory of the Apsheron Peninsula and the adjacent water area of the Caspian Sea.

The main oil and gas fields of Azerbaijan are located not far from the city. A significant number of defense industry enterprises operate on the territory of Baku. The city also has offices of Azerbaijani and branches of international banks. The largest banks in Baku are: Credit Suisse, HSBC, Société Générale, UniCredit, International Bank of Azerbaijan. Baku Stock Exchange (BSE) — the main stock exchange of the country. Ferry crossings of Baku —Turkmenbashi, Baku—Aktau are an integral part of the transport system of Azerbaijan in international transport projects and corridors.

Ganja — a city of republican subordination of Azerbaijan, the second largest in terms of population and area in the country, one of the largest industrial centers in the region. The heavy industry left over from Soviet times includes aluminum, porcelain, instrument-making, furniture, textile and other factories, some of which are currently not functioning. The following plants currently operate in the city: Azeraluminiy LLC, Ganja Automobile Plant, Ganja Instrument-Making Plant, Ganja Aircraft Repair Plant, Azerbazalt LLC plant, Gəncə şərab−2 winery, Ganja flour mill, « Zeferoglu elektrik» MMC — light bulb factory, Ganja confectionery factory, etc. 

Sumgayit is the third largest city in Azerbaijan. The second largest industrial center of Absheron. Some of the largest companies operating in the city — these are Azerpipe, Azeraluminium, Sumgait Aluminum, Sumgait Superphosphate, glass manufacturer Khazar OJSC, Sumgait Knitting Plant and Sumgait Compressors. There are 38 banks.

Mingachevir — fourth largest city in the country. It houses the enterprises and production facilities of the associations "Azerkabel", "Azeryolneftmedenmash", factories of insulating materials, fiberglass, rubber products, regeneration of recycled rubber, a textile plant and a meat processing plant, Interenergy LLC.

Azerbaijan thermal power plant, Mingachevir hydroelectric power station, Mingachevir Izolit OJSC, which specializes in the production of plastic and polyethylene pipes, and the Akkord machine-building plant, which produces metal structures, operate. Also located is the enterprise «Kur» for the production of office equipment. At the beginning of 2023, the construction of a thermal power plant with a capacity of 1280 MW began.

Territorially, Azerbaijan is divided into 66 regions, 11 cities of republican subordination and 1 autonomous republic — Nakhichevan Autonomous Republic.

The first state formations on the territory of Azerbaijan emerged from the end of IV — beginning of the III millennium BC. In the 1st millennium BC, Manna, Iskim, Skit, Scythian and such strong states as Caucasian Albania and Atropatena existed here. They played a big role in raising the culture of public administration, in the history of the economic culture of the country, as well as in the process of forming a single people.

In the III century AD. Azerbaijan was occupied by the Iranian Sassanid Empire, and in the 7th century — Arab Caliphate. The invaders resettled into the country a large population of Iranian and Arab origin. With the adoption of the Islamic religion in the 7th century, the history of Azerbaijan underwent a radical change. Islam gave a strong impetus to the formation of a single people, language, customs among the Turkic and non-Turkic peoples on the territory of Azerbaijan.

A new political upsurge began in Azerbaijan: on the lands of Azerbaijan, where Islam was spread, the states of Sajids, Shirvanshahs, Salarids, Ravvadids and Sheddadids were created. The epoch of Renaissance in the history of Azerbaijan has begun. At the end of the XV — At the beginning of the 16th century, a new milestone in the history of Azerbaijan begins. The outstanding statesman Shah Ismail Khatai managed to unite all the northern and southern lands of Azerbaijan under his leadership. A single Safavid state was formed with its capital in Tabriz, which eventually turned into one of the most powerful empires in the Near and Middle East.

The outstanding Azerbaijani commander Nadir Shah, who came to power after the fall of the Safavid state, further expanded the boundaries of the former Safavid empire. In 1739 he conquered northern India, including Delhi. However, after the death of Nadir Shah, the empire he ruled fell. Thus, in the second half of the 18th century, Azerbaijan broke up into small states — khanates and sultanates.

At the end of the 18th century, the Ghajars, an Azerbaijani dynasty, came to power in Iran. They began to introduce a policy of subordinating all territories under the rule of Nadir Shah, including the Azerbaijani khanates, to centralized rule. Thus began the era of long-term wars between the Ghajars and Russia, which was striving to seize the South Caucasus. As a result, on the basis of the Gulustan (1813) and Turkmenchay (1828) treaties, Azerbaijan was divided between two empires: Northern Azerbaijan was annexed to Russia, and Southern — to Iran.

April 28, 1920, it was announced that the — Azerbaijan Soviet Socialist Republic (Azerbaijan SSR). In December 1922, Azerbaijan, Georgia and Armenia formed the Transcaucasian Socialist Federative Soviet Republic. In 1922, it became part of the USSR, and in 1936 the ZSFSR was dissolved, and the Azerbaijan SSR was included in the USSR as an independent republic that existed until 1991.

August 30, 1991, Azerbaijan declared independence.

Azerbaijan is washed by the waters of the Caspian Sea. It has land borders with Russia, Georgia, Armenia and Iran. Nakhichevan Autonomous Republic — exclave of Azerbaijan — borders with Armenia in the northeast, Iran in the southwest, Turkey in the northwest. Part of the territory of Azerbaijan is controlled by Armenia (exclaves of Karki, Barkhudarly, Sofulu, Upper Askipara). Azerbaijan controls part of the territory of Armenia (the Artsvashen enclave). About 3 thousand km² the territories of the former NKAR and the territory of the Lachin corridor are included in the zone of responsibility of the Russian peacekeeping contingent. About half of the territory of Azerbaijan is occupied by mountains. In the north — ridge of the Caucasus, in the middle part — Kura-Arak lowland, in the southeast — Talysh mountains and Lankaran lowland, in the west — Armenian highlands.

The territory of the republic is rich in minerals of three types: ore, non-metallic and fuel in origin. Azerbaijan is known for its oil and gas fields. 2/3 of the country's territory is rich in oil and gas. The largest number of oil and gas fields are located on the Absheron Peninsula, in the shelf zone of the Caspian Sea, the archipelago of Baku and Absheron. In addition, southeastern Shirvan, the central steppe zones, Gobustan, Jeyranchel, Ajynour, Siyazan are rich in oil.

The largest number of natural gas fields are located in Garadagh, the shelf zone of the Caspian Sea, Baku and the Absheron archipelago. The Lesser Caucasus is rich in ore deposits. There are deposits of iron, titanium, gold, silver, copper, cobalt, chromite, polymetals, molybdenum, etc. The largest deposits of iron ore are located in Dashkesan.

From non-metallic deposits, Gobustan, Apsheron and Tovuz limestone, Shakhtakhti travertine (Nakhichevan Autonomous Republic), Dashkesan marble, Upper Ajikend gypsum, Hajiveli quartz sands are of great economic importance.

The colorful national culture of Azerbaijan, rooted in the depths of centuries, has absorbed the best traditions of the East and West.

Azerbaijan — one of the unique carpet regions of the world, where for centuries the art of masters has been developed and achieved perfection, creating the best samples of carpets and rugs, starting with the simplest — carpet, and ending with the highest complexity pile carpet — khalcha. Archaeological monuments tell that the art of carpet weaving was known on the territory of Azerbaijan as early as the 9th century BC. Today, Azerbaijan is known throughout the world for its lint-free carpets (palas, kilim, sumakh, zili, shadde and verni), as well as 600 types of tufted carpets.

Azerbaijan is a treasure trove of architectural monuments. The ruins of ancient and medieval cities have been preserved on the territory of Azerbaijan. Remains of numerous fortifications — fortresses and towers — Chirakhkala, Didvan and others, erected at the beginning of our era and later to protect against invasions of nomadic tribes and foreign enslavers. Of particular interest is the complex of defensive structures on the Apsheron. Towers of Absheron: in Mardakan, Nardaran, Bilgah, Ramana, Mashtaga and others. Symbol of Baku — Maiden's Tower (unconquered) — an eight-tiered monumental structure of the 12th century, 28 meters high and 5 meters thick at the base. Magnificent monuments of architecture of Caucasian Albania have been preserved in Azerbaijan — temple complexes in Lekit, Kum, Kakh region, in the villages of Kish and Orta Zeyzit, Sheki region.

There are many places of worship in Azerbaijan — these are temples, monasteries and churches built in different periods of history. Since the XII century, the strengthening of statehood and the development of cities have been taking place, where architectural schools have been formed. Founder of the Nakhichevan School — famous throughout the East, the architect Ajami son of Abubekr Nakhichevan. An architectural masterpiece — the ten-sided mausoleum of Momine-Khatun, the total height of which reached 34 m. The mausoleum is skillfully decorated with complex geometric ornaments and ceramic inscriptions.

Personal relationships play an important role in the business culture of Azerbaijan. You can conclude a successful deal with an Azerbaijani partner only when you manage to establish trusting, warm, friendly relations with him.

Azerbaijan is dominated by a corporate management culture of the "family" type, where the object of management is the senior — i.e. leader. He must be respected, his instructions are not discussed. It is for this reason that the delegation of authority — a rather complicated process in an Azerbaijani company, and the personal responsibility of subordinates is rare, since being responsible for any consequences — the prerogative of "senior" i.e. guides.

Social status plays a big role in Azerbaijani society. The actions and behavior of a person with a higher social status here will never be sanctioned by a person with a lower social status. In addition, it is very important for Azerbaijanis to "save face"; the subordinate will never point out the mistakes of the boss, as this may cast doubt on the legitimacy of the leader’s actions and mean doubt about his personal qualities.

There is a proverb in Azerbaijan — "reticence is as relevant as the brilliance of pearls." This proverb shows the attitude of the Azerbaijani people to the pace of speech, pauses and silence, i.e. in Azerbaijan they don't like someone who talks a lot. The country has a high network of social relationships within families, between friends, colleagues, customers, etc. and there is a constant exchange of information between them. That is why Azerbaijanis believe that an additional discussion of already known information is simply unnecessary. For Azerbaijanis, what is more important is not what they say, but who says it. they believe that the behavior of any person has historical roots that are almost impossible to change.

Personal attitude is of great importance in the country. Do not underestimate networking, recommendations from acquaintances and friends. A friend can easily arrange the right meeting, recommend you, or even vouch for you. This occurs in many countries, but in Azerbaijan this institution is quite active.

The political system of the Republic of Azerbaijan is characterized by a reflection of its national characteristics and the specifics of the historical situation.

In accordance with the Constitution, the Azerbaijani state is defined as a democratic, legal, secular, unitary republic. The exercise of state power in the political system of Azerbaijan in its form corresponds to the parameters of a republic based on presidential governance.

In accordance with the principle of separation of powers in the Republic of Azerbaijan, there are three branches of power formed and acting independently: legislative, executive and judicial power. The activities of each of these authorities are regulated by the Constitution and legislative acts.

In the Republic of Azerbaijan, the body exercising legislative power is the Milli Majlis (National Assembly), exercising executive power — The President, the body exercising judicial power — courts of the Republic of Azerbaijan.

The unitary form of state structure of the Republic of Azerbaijan defined by the Constitution has its own specifics. This is expressed by the fact that in its composition the Nakhichevan Autonomous Republic has the status of state power. According to the Constitution, the Nakhichevan Autonomous Republic is an autonomous state within the Republic of Azerbaijan. There, the Ali Mejlis (Supreme Assembly) of the Nakhichevan Autonomous Republic exercises legislative power, executive power — The Cabinet of Ministers of the Nakhichevan Autonomous Republic, the judiciary — courts of the Nakhichevan Autonomous Republic. The highest official of the Nakhichevan Autonomous Republic is the chairman of the Ali Mejlis of the Nakhichevan Autonomous Republic.

Municipalities, which are local self-government bodies, also occupy an important place in the political system of Azerbaijan.

The economy of the Republic of Azerbaijan has been successfully and dynamically developing in recent decades.

Azerbaijan is a state with a well-developed industrial sector. Industrial production accounts for almost 60% of GDP.

Azerbaijan has the richest reserves of oil and natural gas, concentrated on the Absheron Peninsula of the Caspian Sea, as well as directly in the Caspian Sea. There are also deposits of iron ore, shale, molybdenum, several mineral springs.

In this regard, the most important sector of the Azerbaijani economy is the oil industry. Geological exploration, field development, oil production and oil refining in Azerbaijan are carried out by such foreign giants as the Norwegian Statoil ASA, the British British Petroleum, the Russian Lukoil and some others. There are also large national companies in this industry, for example, the State Oil Company of the Republic of Azerbaijan (SOCAR). Developers of Azerbaijani oil and gas fields are united in a consortium, which includes 7 Azerbaijani and foreign companies. The oil industry is the leading industry, generating about 40% of GDP.

In Azerbaijan, there are such industries as mechanical engineering, including high-tech; chemical, light, food industry, metallurgy, automotive and shipbuilding and many others.

Agriculture is not the strongest branch of the Azerbaijani economy. The volume of its contribution to the country's GDP is about 5-6% annually. However, favorable climatic conditions in the country allow Azerbaijani farmers to cultivate various crops. These are vineyards, fruits, including tropical ones, vegetables, tobacco. Animal husbandry, sericulture, cotton growing, tea growing are well developed.

Tourism is a dynamically developing branch of the Azerbaijani economy. This is facilitated by the location of Azerbaijan at the crossroads of Europe and Asia, and the visa-free regime for most developed countries, as well as the CIS countries (except Armenia and Turkmenistan). More than two million foreign tourists visit the country every year, and the number of hotels, hotels, small businesses serving the tourism industry is growing.

Rich hydrocarbon reserves, inexpensive labor resources invariably attract foreign business to Azerbaijan. Most of the foreign investment comes from the oil and gas industry.

Azerbaijan's main export is oil (almost ninety percent of the total), followed by engineering products, food, cotton, and tea. Azerbaijan imports grain, building materials, mineral fertilizers, machinery, aggregates, machinery and equipment, vehicles, ferrous metals, and some consumer goods.

The largest foreign trade partners of Azerbaijan are: Russia, Italy, Iran, other EU and CIS countries.

A Memorandum of Understanding was signed between the Government of the Republic of Azerbaijan and the Government of Turkmenistan on joint exploration, development and development of hydrocarbon resources of the Dostlug field. in the Caspian Sea.

Azerbaijan's current role as an investor in a number of regional and global projects has made it an important geopolitical player as well as a growing country with an international image. Azerbaijan is involved in four projects: the East-West, North-South transport corridors, the Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Erzurum gas pipeline, one of the priority energy projects for the European Union (Shah Deniz-2, South Caucasus Gas Pipeline Expansion, TANAP and TAP) has been one of the main initiators of billions invested in projects such as the Southern Gas Corridor and these projects have been successfully completed.

Key strategic components, such as Azerbaijan-initiated regional connectivity projects, including the Baku-Tbilisi-Kars railway, the New Baku International Sea Trade Port and the logistics center on the Caspian Sea, connecting the railway networks between Azerbaijan and Iran, show qualitatively new achievements in the development of trans-regional infrastructure with multilateral opportunities in the southern directions.

Cooperation with Russia

The declaration between Azerbaijan and Russia, signed on February 22, 2022, consisting of 43 points, covers a number of economic, political-strategic, social and other areas of cooperation between the two countries, brings relations between the two states to a qualitatively new level.

Many paragraphs of the Moscow Declaration are devoted to economic cooperation. The parties reaffirm their commitment to developing trade, expanding transport and logistics routes, removing barriers to strengthening interaction between business circles. In particular, the document states that Baku and Moscow will continue to develop economic ties in such areas as metallurgy, oil and gas cooperation and engineering, automotive, chemical, pharmaceutical and light industries.

Agriculture, construction, trade and mutual investment also remain a priority in cooperation between the two countries.

At the same time, an important point of economic cooperation between the Republic of Azerbaijan and the Russian Federation is the transition to national currencies in settlements under commercial contracts, as well as the correlation of payment systems. Thus, in 2022, more than 30% of the trade turnover between Azerbaijan and Russia was carried out in national currencies.

According to the data of the State Customs Committee of the Azerbaijan Republic, the export of Azerbaijani products to the Russian Federation last year increased by 5.9% (up to 975.4 million US dollars), and the import of Russian goods — by 32% (up to 2.7 billion US dollars).

According to the results of last year, Russia ranks first among all countries in terms of the volume of supplies of goods to Azerbaijan, and also ranks seventh among the countries where Azerbaijani products are exported.

The parties have launched the "Green Corridor" project, the goals of which are to improve coordination between the customs authorities of Azerbaijan and Russia, as well as to accelerate logistics cooperation. The simplified customs corridor project helps to ensure the smooth and accelerated movement of goods between countries.

Joint investments are also actively promoted. According to Mikhail Mishustin, Prime Minister of the Russian Federation, there are more than 900 joint ventures with Russian participation in Azerbaijan, and 300 of them — with 100% Russian capital.

Cooperation is also expanding in the energy, machine-building, industrial, transport and other sectors, the Prime Minister of the Russian Federation said at the XI Russian-Azerbaijani Interregional Forum in November 2022.

Mishustin also noted that over 70 Russian entities are developing cooperation with Azerbaijan, and a quarter of them already have agreements on trade, economic, scientific, technical and cultural cooperation.

In addition, in November last year, Deputy Minister of Economic Development of the Russian Federation Dmitry Volvach said that Azerbaijan and the Russian Federation are implementing 14 joint projects, the total cost of which is 7.5 billion US dollars. Within the framework of these investments, projects on automobile and railway engineering are being created in Azerbaijan, and the first pharmaceutical production is being opened.

An important area of cooperation between Azerbaijan and Russia is the expansion of opportunities and cargo flow within the international transport corridor (ITC) "North-South".

Last year, work to improve the infrastructure of the ITC was significantly accelerated. It became known that "Russian Railways" will take an active part in the construction of the Rasht-Astara railway section in Iran through the western direction through the territory of Azerbaijan. It is expected that the actual implementation of the — including with the help of Russian Railways — will help increase the traffic on this route.

The main organizational and legal forms of enterprises in Azerbaijan are LLCs and joint-stock companies. The company can start working from the moment of state registration. Without official registration with the Ministry of Taxes of Azerbaijan, a company cannot open a bank account, carry out customs clearance of goods, etc.

After submitting the required documents, the Ministry of Taxes issues an extract from the state register and a tax identification number within 3 working days. There are no additional requirements for the formation of companies by foreigners in the country, except for the usual requirements for legalization and translation.

There are also no restrictions in the legislation regarding the share of foreign participation in joint ventures or investments.

In accordance with the Decree of the President of the Republic of Azerbaijan dated December 21, 2015 No. 713 "On certain measures in the field of licensing" import, export, transit and production of precursors, import and production of plant protection products and agrochemicals are subject to licensing. In accordance with this Decree, all types of licenses are issued by the Ministry of Economy of Azerbaijan through the ASAN Xidmət Center.

Taxation of legal entities in the Republic of Azerbaijan is regulated by the Tax Code.

The main organizational and legal forms of doing business in Azerbaijan are:

• OOO — Limited liability company (with the participation of residents or non-residents of Azerbaijan);
• JSC — Joint stock company (with the participation of residents or non-residents of Azerbaijan);
• Representative Office or Branch Office

To do business in Azerbaijan, a company must go through the procedure of state registration and inclusion in the state register in accordance with the Law of the Republic of Azerbaijan dated December 12, 2003 No. 560-IIQ "On State Registration and State Register of Legal Entities".

In accordance with the Decree of the President of the Republic of Azerbaijan dated October 25, 2007 No. 2458 “On measures to ensure the organization of the activities of business entities on the basis of the “single window” principle; State registration is carried out by the Department of Registration of Commercial Legal Entities of the State Tax Service under the Ministry of Economy of the Republic of Azerbaijan.

In accordance with the Law of the Republic of Azerbaijan dated December 12, 2003 No. 560-IIQ "On State Registration and State Register of Legal Entities" state registration of commercial structures, including representative offices or branches of foreign legal entities, is carried out within three days.

After submitting all the necessary documents, the State Tax Service under the Ministry of Economy of the Republic of Azerbaijan issues an extract from the state register and a tax identification number within 3 working days.

General information about legal entities and their founders is entered into the state register of legal entities. According to the provisions of the Civil Code of the Republic of Azerbaijan, the state register of legal entities is open.

There are no additional requirements in the country for the formation of companies by foreigners, and there are no restrictions in the legislation regarding the share of foreign participation in joint ventures or investments.

For participants from the CIS countries, apostille and legalization of documents is not required in accordance with the Minsk Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters (dated January 23, 1993) (there are exceptions depending on various legal actions).

A state registration certificate or an extract from the state register is the main document for making a seal, stamp, letterhead, trademark, as well as opening a bank account and registering it with the relevant executive authorities of the Republic of Azerbaijan, no additional document is required for this .

Azerbaijan has become an attractive country for investment in the world. The political and economic stability created in the country, a favorable business and investment environment ensure the implementation of any project.

As a result of the ever-improving reformist business environment, equal rights and opportunities have been created for all investors. At the same time, a strong legislative protection policy in this area is an attractive factor for investors.

One of the factors supporting the investment climate is the lack of government audits (with the exception of taxes, human health and public safety).

At the same time, there is no discrimination between foreign and local investors, such requirements as obtaining permission for foreign investments in the first place, as well as restrictions on foreign exchange, licensing of foreign exchange operations, restrictions on the amount of foreign capital, in — restrictions on technology transfer, legal restrictions on ownership. The absence of restrictions on the repatriation of profits and the demand for local partners indicate the creation of a favorable business environment for investors.

There are various structures and organizations in Azerbaijan that support business and investment. Some of them include:

• Investment Promotion and Protection Agency (AZPROMO). This state agency is engaged in attracting foreign investment to Azerbaijan. AZPROMO provides information and advice to investors, as well as helps them interact with government agencies.
• Small and Medium Business Development Agency (SMEGA). It is responsible for the development and support of the small and medium business sector in Azerbaijan. SMEGA provides financial support, advice, training and other services for entrepreneurs.
• National Bank of the Republic of Azerbaijan (CBA). CBA acts as the country's central bank and provides financial support to banks and businesses. It also regulates the banking system and ensures the stability of the financial sector.
• Economic Development Fund (EIAF). The fund was established to support economic development in Azerbaijan. It provides financial assistance and investments in various projects that contribute to the development of the country's economic sectors.
• State Agency for Insurance of Export Credits and Investments (AZEXPORT). This agency specializes in insurance of export credits and investments. It provides guarantees and risk insurance for exporters and investors.
• Azerbaijan Entrepreneurs Congress (AEC). This is a non-profit organization that brings together entrepreneurs and business leaders in Azerbaijan. AEC provides a platform for sharing experiences, building business networks and advocating business interests.
• Ministry of Economic Development (MED). MED is responsible for the development and implementation of economic policy in Azerbaijan. It carries out measures to attract foreign investment, develop investment projects and create a favorable business environment.
• National Agency for the Development of Small and Medium Enterprises (NAD). NAD supports and develops small and medium-sized businesses in the country. It provides financial support, training, advice and other services for entrepreneurs and investors.

The state actively promotes the development of the business environment and the creation of a favorable business climate in the country.