Azerbaijan increases amount of funds for exporters

Azerbaijan increases amount of funds for exporters

Azerbaijani President Ilham Aliyev has signed a decree on amending the decree "On approval of the procedure for determining and regulating the mechanism for paying part of the expenses paid for by the state budget, organizing export missions to foreign countries, studying foreign markets and marketing activities, promoting the brand made in Azerbaijan to foreign markets, the receipt by local companies of certificates and patents in foreign countries in connection with exports, research programs and export development projects".

Only 10 people can join a buyers mission and the period of their stay in the country must not exceed six days. In each mission only one person can represent a buyer.

According to the decree, the amount of support for the organization of export missions to study foreign markets has been increased from 20,000 manats to 30,000 manats.

Entrepreneurs who take part in international exhibitions and fairs on individual basis will receive financial support in the amount of 50 percent of all expenses necessary for participation, including rental fee, exhibition stand costs, transportation fee and others. The maximum amount of such support must not exceed 10,000 manats.

Moreover, the number of export missions, which can be organized with participation of Azerbaijani entrepreneurs during one calendar year, increases from 10 to 25. 

The cost of support must not exceed 60,000 manats and must account for no more than 50% of the total expenses.