By Azernews

By Ayya Lmahamad

Azerbaijan's Small and Medium Business (SMB) Development Agency has signed 12 cooperation memorandums to study the best practices in the field of SMB support and services in 2021.

The agency's chairman, Orkhan Mammadov, made the remarks during a press conference about the 2021 results.

"In 2021, 12 memorandums of understanding were signed with various partner organizations to study best practices in SMB support and services, expand links with local SMBs and implement joint projects, find potential foreign partners, and mediate between investors and local entrepreneurs interested in cooperation," he said.

Mammadov added that business trips to nine countries were organized last year and that two international events, the Azerbaijani Investment and Culture Summit and the 25th International Business Forum, were held.

Azerbaijan's Small and Medium Business Development Agency was established by a presidential decree dated December 28, 2017.

The agency, as a legal entity under the Economy Ministry, is authorized to support the development of SMBs in the country by providing them with a variety of services and ensuring coordination and regulation of services provided by government entities to SMBs.