BAKU, Azerbaijan, July 8
Trend:
The Azerbaijani Agency for Development of Small and Medium-Sized Entreprises and the US Agency for International Development (USAID) signed a Memorandum of Understanding on cooperation in the field of small and medium entrepreneurship, a source in the Azerbaijani agency told Trend.
The document was signed by the agency's Chairman Orkhan Mammadov and USAID Mission Director for Azerbaijan Jaidev Singh. The US Ambassador to the country Lee Litzenberger attended the signing ceremony.
According to the document, the Agency for SMEs and USAID will carry out joint initiatives to create a more favorable and competitive business environment, support measures that allow the local SMEs to increase productivity, income and quality, diversify their markets, and strengthen resilience to crises such as the COVID-19 pandemic.
Within the framework of joint cooperation, the Azerbaijani agency and USAID will also focus on the competitiveness of micro, small and medium-sized entrepreneurs working in Azerbaijan, strengthening the potential of business associations, and introducing innovative business technologies in the country.
"Our agency attaches particular importance to the study of best practices in the development of the local SMEs and cooperation with relevant organizations in this area. We believe that the Memorandum of Understanding signed with USAID will make a positive contribution to the development of business partnerships and the growth of SMEs, further improving the support and services provided to SMEs," Mammadov said.
The Ambassador Litzenberger said that business partnerships and ties between the US and Azerbaijani companies are of great importance in terms of strengthening friendly relations and ensuring economic growth.
"We hope that this memorandum of understanding will lead to the establishment of business partnerships that create conditions for joint development," he added.
“USAID believes that small and medium-sized businesses play an exceptional role in poverty reduction, ensuring inclusive and sustainable economic development. Therefore, the role played by the Agency for SMEs in fulfilling its mission of supporting small and medium-sized enterprises and creating a favorable business environment for them is important. We intend to further strengthen mutual partnership,” the Mission Director Singh noted.
The event participants also discussed the prospects for cooperation between the Azerbaijani agency and USAID in the field of small and medium-sized entrepreneurship, exchange of experience, and development of relations with the US SMEs.