On June 13-14 in Baku, a workshop was held as part of the second phase of the “Investment in Digital Economy of Azerbaijan” (IDEA) project, initiated by the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR) and the World Economic Forum (WEF). The event was organized in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) to target and attract foreign direct investments and boost digital service exports for digital SMEs and startups.

Fariz Jafarov, the executive director of C4IR, stated that the IDEA project was launched last year in cooperation with the World Economic Forum. Based on a survey of 100 companies and interviews with 15 companies, 13 policy recommendations were developed for Azerbaijan. Attracting digital investments for SMEs and startups is one of these recommendations. In the next phase, a program will be implemented jointly with UNESCAP to form InvesTech for Azerbaijan and develop an investment calculator.

Heather Lynn Taylor-Strauss, an expert from the Trade, Investment, and Innovation section of UNESCAP, highlighted that the two-day session provided valuable information for startups regarding access to venture capital.

The event saw the participation of 11 startups from Azerbaijan and 4 from Turkey and Tajikistan. This workshop aims to facilitate companies' access to foreign investments, develop strategic partnerships through foreign investments, gain access to new capital funds, reduce risk, and benefit from local knowledge and expertise. Startups and SMEs participating in the workshop will receive mentorship and assessment support for developing roadmaps to implement their internationalization plans.