Azerbaijan, Iran mull development of SMBs in liberated territories
By Ayya Lmahamad
Azerbaijan and its southern neighbour Iran have discussed the implementation of joint investment projects in Azerbaijan's liberated territories on the border with Iran. These projects will be beneficial for small and medium businesses of both countries.
The discussion took place during a meeting between Chairman of the Board of the Agency for Small and Medium Business Development Orkhan Mammadov with Iranian Ambassador to Azerbaijan Seyyed Abbas Mousavi.
During the meeting, Mammadov underlined the Agency's intention to implement corresponding measures in accordance with the strategy determined by the state for formation of the small and medium business sector on the liberated territories.
Moreover, he briefed the participants on the activity of SMBs, state support provided for them during the coronavirus pandemic, and the Agency’s support mechanisms and social entrepreneurship initiatives.
It was noted that at present, entrepreneurs wishing to establish a business in the liberated territories submit their business projects to the Agency.
With the support of the Agency, the first business entity, which is a bakery and confectionery, has already started to operate in Shusha city.
In turn, the ambassador noted the great potential for expanding cooperation between the two countries in all fields, including small and medium-sized businesses.
Additionally, the parties exchanged views on cooperation between two countries in the field of small and medium-sized businesses and the expansion of ties in this direction.
Projects to be implemented jointly with foreign investors in liberated territories, expansion of trade relations, the establishment of cooperation between relevant agencies of the two countries were also discussed.
Earlier, cooperation in the energy field between Azerbaijan and Iran was discussed during the meeting between Energy Ministers of two countries. In particular, the ministers talked about the construction of Khudaferin and Maiden Tower hydro junctions and hydropower plants on the Araz river, and Ordubad and Marazad hydroelectric plants within the framework of agreements signed between the two countries.
It should be noted that Azerbaijan's trade with Iran amounted to $274 million, thus making Iran Azerbaijan's largest trading partner among the Persian Gulf countries in January-October 2020. Out of the total turnover, export from Azerbaijan to Iran amounted to $34.5 million, while the import from Iran amounted to $239.4 million.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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