Number of startups in Azerbaijan triples - presidential aide

The number of startups in Azerbaijan nearly tripled in 2023 compared to the previous year, said Shahmar Movsumov, Assistant to the President of Azerbaijan - Head of the Department for Economic Affairs and Innovative Development Policy of the Presidential Administration of Azerbaijan.

He made the remarks while speaking at the InMerge Innovation Summit in Baku, News.Az reports.

“The increasing number of businesses in Azerbaijan demonstrates the country's robust entrepreneurial spirit. We are distributing cash to projects that reinvent modern life with the goal of sustainable development. This involves creating smart cities and smart villages in our newly liberated districts,” Movsumov said.

“We place a high value on our most valuable resource, which is not oil but rather our people. Recognizing that a prosperous nation's foundation is built on the education and empowerment of its youth, we have launched a government initiative to teach our young minds in famous international institutions,” the presidential aide added.

Concerning the ubiquity of artificial intelligence, Movsumov stated that it is necessary to acknowledge and address the issues associated with AI, such as ethical quandaries, privacy concerns, and the impact on the job market.

“We must employ artificial intelligence positively, empowering humanity and contributing to the advancement of our society, while ensuring that its application is consistent with our values and ideals,” he said.


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