Azerbaijan, US ink MoU on cooperation in SMBs [PHOTO]

8 July 2021 18:09 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan’s Agency for Small and Medium-sized Businesses Development and the U.S. Agency for International Development have signed a memorandum of understanding on cooperation in the field of SMBs.

The document was signed by Agency’s Board Chairman Orkhan Mammadov and USAID Azerbaijan Mission Director Jaidev Singh.

According to the memorandum, the agencies will implement joint initiatives to create a more favorable and competitive business environment that allows local SMBs to increase productivity, income, quality, and diversify markets. The memorandum also envisages the implementation of joint measures to support crisis resilience measures such as the coronavirus pandemic.

Moreover, within the framework of joint cooperation, the agencies will focus on strengthening the competitiveness of micro, small and medium-sized businesses operating in Azerbaijan, the potential of business associations, and introduction of innovative business technologies in the country.

Speaking at the meeting, Mammadov emphasized that the Agency attaches particular importance to learning best practices for developing local SMBs and collaborating with relevant organizations in this area.

“We believe that the memorandum of understanding signed will also positively contribute to the development of business partnerships, further improvement of SMB support and services and SMB’s growth,” he said.

In turn, Singh underlined that USAID believes that SMBs play an exceptional role in poverty reduction, ensuring inclusive and sustainable economic development.

“That’s why, the role of Agency for Small and Medium-sized Business Development, whose mission is to support SMBs and create a business-friendly environment for them, is important. We intend to further strengthen our partnership,” Singh underlined.

It should be noted that U.S. Ambassador Lee Litzenberger also attended the meeting. He stated that the business partnerships and ties between the American and Azerbaijani companies are critical to fostering friendly relations and economic growth.

“We hope this memorandum of understanding will lead to a business partnership that will foster joint development,” the ambassador stated.

Additionally, the parties discussed the cooperation prospects between the agencies in the SMBs field, exchange of experience and development of relations with the U.S. agencies working in the field of SMBs.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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