Exchange offices to contribute to tourism development

The Skolkovo Foundation aims at regular fruitful cooperation with Azerbaijan and is ready to promote the development of entrepreneurial activity in the field of information technologies.

Pekka Viljakainen, adviser to the President on work with start-ups, said that the Foundation's goal is to open the way and provide opportunities for young entrepreneursstart-uppers willing to participate in the contest by providing them with the necessary support through the Fund.

Viljakainen said that he hopes the cooperation of the Skolkovo Foundation with Azerbaijan will continue on a regular basis.

In turn, the Head of the Department for Internal Control and Audit of the Ministry of Transport, Communications and High Technologies of Azerbaijan Tahir Mammadov added that the Skolkovo Foundation has extensive experience in this field, which it shares with its Azerbaijani counterparts.

The Director General of Skolkovo Technopark Renat Batyrov said that perspective start-up projects of Azerbaijan will be able to use the resources of Skolkovo Technopark laboratories for carrying out their research.

"Start-ups can get access to our grant support - up to 300 million rubles, and these funds are allocated for free, and we do not claim intellectual property," noted Batyrov.There are 14 laboratories in Technopark, the resources of which can be used for research in the field of IT, agriculture, energy-efficient technologies, technologies in the field of industrial materials, biomedicine, space technologies and etc.

Then-President Dmitry Medvedev signed a law “On the Skolkovo Innovation Center” on 28 September 2010, giving rise to the project’s managing entity, the notfor-profit Skolkovo Foundation.

Charged with providing the catalyst for the diversification of the Russian economy, the Skolkovo Foundation’s overarching goal is to create a sustainable ecosystem of entrepreneurship and innovation, engendering a startup culture and encouraging venture capitalism.

The Skolkovo Foundation identified five key areas of potential growth: energy efficiency, strategic computer technologies, biomedicine, nuclear technologies and space technologies.

To achieve this the Foundation is overseeing the creation of the Skolkovo Innovation Center, composed of companies and startups, developing innovative technologies (currently numbering over 1,000), a Technopark, the Skolkovo Institute of Technology (Skoltech), a new graduate research University established in collaboration with the Massachusetts Institute of Technology, and Skolkovo city, located near Moscow. Together these entities will establish a vibrant ecosystem of technology innovation and entrepreneurship.

Dozens of innovative projects developed by Skolkovo startups have found success in international markets, in particular, equipment for the dynamic modeling of oil and gas fields, next-generation screen displays and laser systems for softtissue surgery.

In August 2013, the Skolkovo project was chosen for inclusion in the government’s “economic development and innovation economy” program, resulting in the allocation of 3.5 billion rubles for the development of Skolkovo through 2020.

Activity of the currency exchange offices outside banks maybe resumed in Azerbaijan, as the Parliament will consider the corresponding amendments to the "Law on Currency Regulation".

Since January 2016, the currency exchange offices can operate only in banks and post offices. If amendments are adopted, the currency exchange points will be opened not only by residents of Azerbaijan, but also by foreign companies in their branches in the country.

Tahir Mirkishili, a member of the Parliamentary Committee for Economic Policy, Industry and Business said that the reason for resuming the activity of the currency exchange offices is linked with the restoration of macroeconomic stability in the country.

“Earlier some exchange points were engaged in illegal activities, speculations. Such cases negatively affected the macroeconomic stability in the country. However, currently, the country is restoring its economic stability,” he told Qafqazinfo. Mirkishili named the holding of high0-level international eveners in the country as another reason for this.

“Azerbaijan expects big tourists flow. There is a need to create conditions so they can quickly change their currency,” he said.

Zakir Nuriyev, Chairman of Association of Azerbaijani Banks said that the resumption of the work of currency exchange points will contribute to the development of tourism and financial markets in Azerbaijan.

"Azerbaijan implements special programs for the development of tourism and financial markets. For their successful implementation, it is necessary to create all necessary infrastructures and its effective work. From this point of view, the new bill can contribute to it ," Nuriyev said.

"Those who wish to open currency exchange points will have to implement special requirements for the formation of capital. They will also need to place a deposit in the bank," the chairman of the association added.