Uzbekistan interested in Azerbaijani business agency's experience

By Azernews

By Ayya Lmahamad

Uzbekistan is interested in studying the experience of Azerbaijan's Agency for Small and Medium-sized Businesses (SMB) Development in the area of SMB houses and SMB development centers.

This was stated during the meeting of the agency's board chairman, Orkhan Mammadov, and the head of Center for Economic Analysis and Reforms under the Uzbek presidential administration, Obid Hakimov.

During the meeting, arranged as part of the Azerbaijan Investment and Culture Summit, the parties also briefed on the agency’s support and services to entrepreneurs. The Uzbek delegation paid special attention to the activities of SMB houses and development centers.

The parties also discussed other issues of mutual interest and prospects for cooperation.

The summit, organized by the Small and Medium Business Development Agency and the Islamic Cooperation Youth Forum with the support of the economy and culture ministries was held on October 27-29. The event was attended by ministers of the Organization of Islamic Cooperation, representatives of international organizations, businessmen, investors, startups, youth organizations, as well as representatives from more than 20 countries.

It should be noted that the volume of trade turnover between Azerbaijan and Uzbekistan increased by 13 percent to $80 million last year despite COVID-19. Presently, 195 Azerbaijani enterprises are represented in Uzbekistan, 69 of which have joint capital and 126 of them have 100 percent Azerbaijani capital.

The trade turnover between the two countries amounted to $71 million in the first nine months of 2021.