BAKU – Azerbaijan is on track to establish its second venture capital fund, spearheaded by the Innovation and Digital Development Agency under the Ministry of Transport and Digital Development. The initiative aims to bolster the nation’s investment culture and support local startups.

According to Trend News Agency, Inara Valiyeva, the chairperson of the agency, revealed the ongoing negotiations during a panel discussion at the Chain Reaction 2024 forum. She stated, “An important element of our strategy is the formation of investment culture. We are the first LP (limited partners) in the venture capital fund of Azerbaijan. Now we are negotiating with several funds that are interested in creating similar structures in the country and actively supporting them on this path.”

Valiyeva highlighted the agency’s strategic focus on five key areas: access to talent, market, infrastructure, financing, and building culture. She emphasized the integral role of culture in these initiatives, particularly in the development of professional talent. “Culture permeates all these aspects. When we develop talent, we strive to ensure that professionals are ready to continuously learn,” she explained.

The agency has made significant strides in educational outreach, impacting over 10,000 individuals in Azerbaijan by elevating them to the level of junior specialists over the past two and a half years. Valiyeva also extended an invitation to IT sector companies to establish branches in Azerbaijan, offering support with local talent and subsidizing training costs to develop mid-level specialists.

Moreover, the agency is actively engaging with international players in the education sector to further enhance its training programs, thereby fostering a more robust entrepreneurial ecosystem within the country.