Home / Economy / Azerbaijan, Turkey sign MoU on small, medium businesses

Azerbaijan, Turkey sign MoU on small, medium businesses

Azerbaijan, Turkey

Azerbaijan and Turkey have signed a memorandum of understanding on developing small and medium businesses (SMO) of the two countries, Azertag has reported.

The memorandum was signed between Azerbaijan’s Small and Medium Business Development Agency and the Turkish Association of Business People and Entrepreneurs (TÜMKİAD) during the TÜMKİAD delegation’s visit to Azerbaijan.

The memorandum envisages the provision of support for mutual investments of small and medium-sized businesses of two countries, organization of joint events, ensuring the necessary coordination during mutual business trips, exchanged of information and best practices.

During the meeting, the participants were briefed on mechanisms to support small and medium businesses, cooperation between relevant structures of the two countries and discussed the prospects for cooperation between the two agencies.

Chairman of the SMB development agency Orkhan Mammadov emphasized that Azerbaijan’s liberated territories have great economic potential, noting that Turkish companies have ample opportunities for participation and investment in reconstruction works in these territories.

He noted that the agency can also support the participation of Turkish investors in the projects of SMBs in Azerbaijan and the expansion of cooperation between business associations of the two countries.

In turn, TÜMKİAD Chairman of the Board Ilham Ozturk expressed his views on opportunities for cooperation.

Earlier the memorandum of understanding on the construction of textile factories in Azerbaijan’s liberated territories was signed between TÜMKİAD and the National Confederation of Entrepreneurs of Azerbaijan.  In the course of signed memorandum, Turkish companies are planning to invest $50 million in the construction of textile factories in these territories.

The Small and Medium Business Development Agency of the Republic of Azerbaijan was established in accordance with the Decree of the President of the Republic of Azerbaijan dated December 28, 2017. As a legal entity under the Ministry of Economy, the Agency is authorized to support the development of small and medium businesses in the country by providing SMBs with a number of services as well as ensuring coordination and regulation of services rendered by government entities to SMBs.

TÜMKİAD is an association of Turkish businessmen uniting more than 350 companies in 27 sectors of the economy.

By Ayya Lmahamad

About Fidan Abdullayeva