Mikayil Jabbarov: Azerbaijan attaches particular importance to development of startups, innovations

Azerbaijan places particular importance on developing a startup and innovation ecosystem, Minister of Economy Mikayil Jabbarov said at the 2nd meeting of the Ministers of Industry, Science, Technology, and Innovation of the Organization of Turkic States (OTS) in Baku.

According to Report, the minister noted that this area is viewed as one of the key areas for economic diversification, competitiveness, and the emergence of a new generation of entrepreneurship.

He added that the initiative, flexibility, and innovative approach of startups are making a significant contribution to the formation of new economic values ​​in Azerbaijan, the expansion of the non-oil sector, and the creation of a competitive technological environment: "One of the initiatives being implemented in Azerbaijan in this area is the Sabah.hub innovation center, which brings together young professionals, startups, and investors, providing support from idea to commercialization."

Jabbarov noted that the Sabah venture fund, created by the center, invests in local innovation projects, stimulating the development of next-generation technology companies: "This once again demonstrates that Azerbaijan has made innovation a core component of its economic policy."