Orkhan Mammadov: Access to finance remains main challenge for SMEs

Access to finance remains a key challenge for small and medium-sized enterprises (SMEs) in Azerbaijan, Orkhan Mammadov, chairman of the Board of the Small and Medium Business Development Agency (KOBIA) under the Ministry of Economy, said at a business forum during the 28th annual meeting of the Board of Governors of the Black Sea Trade and Development Bank, Report informs.

He stated that the development of the non-oil and gas sector, particularly SMEs, remains a national priority.

Despite the progress achieved, many micro and small businesses still face difficulties in obtaining affordable long-term financing and high collateral requirements, he said.

He noted that KOBIA and other government agencies are working to address this issue.

Orkhan Mammadov also identified the need to improve productivity, implement innovation and modern technologies, and a shortage of qualified personnel, particularly in technical fields, as key challenges.

He emphasized that strengthening the link between the education system and the needs of the private sector is essential for SME development.