President Ilham Aliyev has signed a decree on improving management in the fields of micro, small, and medium business development, as well as investment and export promotion in Azerbaijan. According to the decree, the Small and Medium Business Development Agency (KOBIA) and the Export and Investment Promotion Agency (AZPROMO) have been merged to create the Small and Medium Business Development, Investment, and Export Promotion Agency under the Ministry of Economy.
Report informs that the new agency is a structural unit of the Ministry of Economy responsible for supporting SME growth, promoting non-oil sector investments, and protecting the interests of entrepreneurs. The agency's total staff limit has been set at 370 units, including 291 for the central apparatus and 79 for regional branches. The Cabinet of Ministers has been tasked with submitting the agency's regulations and structure to the head of state within three months, alongside proposals for transitioning certain state services to the private sector within nine months.
This restructuring is part of Azerbaijan's broader economic diversification strategy aimed at reducing dependence on energy exports and fostering a more competitive business environment. By consolidating investment promotion and SME support, the government seeks to create a "one-stop-shop" mechanism for both local entrepreneurs and foreign investors. These reforms align with the "Azerbaijan 2030: National Priorities for Socio-Economic Development," which emphasizes sustainable growth and the expansion of the non-oil economy through institutional efficiency.
