Total number of licenses and permits reduced in Azerbaijan

The Azerbaijani parliament passed the bill “On Licenses and Permits” in the third reading at a plenary session on March 15.

Ziyad Samadzade, Azerbaijani MP, chairman of the parliamentary committee on economic policy, entrepreneurship and industry, said that the previous version of the bill envisaged the issuance of licenses in 32 areas.

“Taking into account that the House of Supervision over Financial Markets has been charged with regulating the banking and insurance sectors, as well as the securities market, we reduced the number of licensed areas up to 23 following the discussions held in the presidential administration,” he said.

Samadzade added that the initial version of the document envisaged the issuance of more than 300 permits, but now their number decreased up to 80.

The MP stressed that the law will have a positive impact on the development of entrepreneurship in the country.

Source: TREND