Joint fund to finance IT projects

Azerbaijan and Russia are going to boost the development of ICT industry in both countries.

The two strategic partners are preparing the legal basis for the establishment of a joint venture fund to finance promising projects in the field of information technology.

Executive Director of the State Fund for Development of Information Technologies under Azerbaijan’s Ministry of Transport, Communications and High Technologies Elchin Zeynalov announced about this in an interview with Trend on April 19.

He noted that the establishment of the joint venture fund will provide additional opportunities for participation of startups in the markets of the two countries.

“We have discussed the joint fund project with a Russian venture company and currently are preparing the legal framework for its formation. We are talking about the possibility for local Azerbaijani companies to enter the Russian market, and for Russian companies to enter the Azerbaijani market,” Zeynalov said.

He added that it will be possible to consolidate opportunities of both funds and the development of the ICT industry in both countries.

For legal regulation of this sphere, the State Fund for Development of Information Technologies will attract professionals, who will ensure that the laws of both Azerbaijan and Russia would fully contribute to the development of IT projects.

The ICT is considered to be one of the crucial spheres for the further development of the economy and an integral part of the economic and political reforms which are currently implemented in Azerbaijan.

Azerbaijan, which is a regional leader in the ICT sector, intends to expand its international cooperation to further develop the sector. The income obtained in the sector in Azerbaijan is projected to hit $9 billion by 2020.