The Board Chairman of Azerbaijan’s Small and Medium Business Development Agency (SMBDA), INSME member, Orkhan Mammadov, together with USAID’s (U.S. Agency for International Development) Mission Director for Azerbaijan Jaydev Singh, signed a Memorandum of Understanding (MoU) aiming to enhance cooperation and partnerships in the field of small and medium enterprises.
The agreement is part of a broader strategy of support and cooperation, not only between the two agencies, but above all, between SMEs located in Azerbaijan. In fact, the MoU’s primarily purpose is to strengthen the competitiveness of SMEs operating in the country through the enhancement of quality and productivity and the introduction of innovative technologies and solutions. Thus, the two entities agreed to promote the development and exchange of know-how and best practices useful to create a competitive business environment and support economic growth. In addition, SMBDA and USAID decided to start a collaboration with the aim of creating new commercial partnerships and developing strategic relationships with US agencies operating in the field of SMEs with the common goal of ensuring inclusive, sustainable and innovative economic development and enhancing resilience to crises such as the COVID-19 pandemic.
The agreement reached fits perfectly in the strategy of growth and empowerment of Azerbaijani SMEs and will clear the path to new investments and markets.
To learn more on the agreement click here.