The third BANM Business Forum, co-organised by BERC&Partners, was held successfully: the potential and prospects of small and medium business were discussed

Co-organised by SMBDA, Baku Higher Oil School and “BERC&Partners”, the forum took place on 30 April and brought together more than 250 business people, local and international academics, representatives of state institutions and entrepreneurs.

Speakers noted that the contribution of the SMB sector to gross domestic product (GDP) is growing steadily. At the same time, experts stressed in their presentations that there is considerable potential for the sector to develop further. The SMB sector currently accounts for roughly 18% of GDP and 28% of non-oil GDP, whereas in leading economies the figure reaches 50–55% and in some countries exceeds 60–65%. Under the roadmaps adopted in the Republic of Azerbaijan, the target for the period after 2025 is to raise the SMB share of GDP above 60%.

The presentations also set out the main challenges to reaching the sector's strategic goals after 2025. These include: widening access to finance, adopting digital and information technologies, improving business management systems, making effective use of professional services and resources, expanding access to foreign markets, developing human capital, strengthening institutions and creating support mechanisms, cultivating an entrepreneurial mindset, and directing business income into value-creating assets.

It was emphasised that addressing these challenges effectively and quickly depends on developing cooperation between the state, universities and business. Such cooperation makes it possible to apply intellectual resources within the business sector while meeting its demand for research, awareness raising, training and other intellectual products. It will also create the conditions for commercialising the intellectual output produced in the academic sector.

The event consisted of an opening ceremony, two panels, discussions and a closing declaration. At the opening ceremony Elmar Gasimov, Rector of Baku Higher Oil School; Samir Humbatov, First Deputy Chairman of the Management Board of SMBDA; Kanan Aghayev, co-founder of “BERC&Partners” and expert in business management and finance; and Odiljon Abdurrazakov, founding dean of the Business Faculty of the University of Central Asia, welcomed participants and shared their views.

Tabriz Ammayev, Deputy Head of the Strategic Management and Innovation Department at SOCAR, and Sanubar Nazarova, Corporate Communications Director of Veyseloglu Centre, acted as moderators.

The first panel featured presentations by Altay Ismayilov, Head of the Business Management Department at BHOS; Kanan Aghayev, co-founder of “BERC&Partners” and expert in business management and finance; and Altun Yasinli, Head of the SMB Environment Improvement Division at SMBDA.

The second panel featured presentations by Odiljon Abdurrazakov, founding dean of the Business Faculty of the University of Central Asia; Azer Akbarov, Executive Director of the Azerbaijan Fintech Association (AzFina); and Mubariz Shahbazli, expert in human resources and HR Tech.

The closing declaration of the forum underlined the importance of strengthening cooperation between the state, business and academia for the development of SMBs. It also highlighted the value of delivering joint projects in areas such as digitalisation, innovation and professional training.