Innovation Agency established in Azerbaijan

07.11.2018,11:55


November 7, Fineko/abc.az. Azerbaijani President Ilham Aliyev has signed a decree on the establishment of the Innovation Agency under the Ministry of Transport, Communications & High Technologies.

The decree says that the Agency will be set up on the basis of the State IT Development Fund and Hi-Tech Park LLC.

The Agency will become a legal entity of public law to render assistance to local business entities in acquisition of modern technologies and technological solutions and organizing their transfer, supporting scientific research of innovative orientation, encouraging innovative projects (including startups), financing them through grants, subsidized loans and investments in authorized capital (including venture financing), promoting innovation initiative.

The MTCHT is tasked to submit within a month to the country’s president the drafts of the Agency's Charter and structure, and the proposals on the size of its Charter Fund; to submit within two months to the president the proposals for improving the mechanisms established by legislative acts in the area of Agency's activity.

The Cabinet Ministers will undertake preparation and submission of proposals to the president within three months on bringing the presidential acts in accord with this decree; to make sure that the standard legal acts are brought into compliance with the decree within three months, and inform the head of state about that; to monitor the bringing of the standard legal acts of the central executive bodies in accord with the decree; within a month from the date of state registration of the Agency to provide transfer of the property which is under authority of the State IT Development Fund and High-Tech Park LLC in submission of the Ministry to the authority of the newly-established Agency, and also to provide required annual financing for the Agency within the making the country’s State Budget.

Central and local executive bodies, state-owned legal entities, the controlling stake of which belongs to the state, and public law legal entities created by the government, should ensure appropriate assistance to the Agency in connection with execution of the tasks arising from the decree and ensure necessary information on the basis of its application.

The Ministry of Justice is tasked to ensure bringing the standard legal acts of the central executive bodies and acts of information nature into compliance with this decree and inform the Cabinet Ministers about that.