Baku, Bern discuss access to finance for SMBs

By Azernews

By Ayya Lmahamad

Azerbaijan and Switzerland have discussed access to finance for small and medium-sized businesses and the countries' experience in this area, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Small and Medium Business Development Agency Board Chairman Orkhan Mammadov and Head of the State Secretariat for Economic Affairs (SECO) Departments on the South Caucasus and other countries Seraina Sigron.

The meeting took place within the framework of Orkhan Mammadov's visit to Geneva.

Moreover, Orkhan Mammadov also met with Geneva Chamber of Commerce, Industry and Services (CCIG) Director Natalie Hardin.

During the meeting, the parties exchanged views on Swiss experience in the sector of SMBs support and the opportunities for cooperation in the area.

As part of the visit to Geneva, a roundtable on the topic “Azerbaijan 2022: a source of energy and a logistics center for Europe and Asia” was held, during which Azerbaijan’s Small and Medium Business Development Agency (SMBDA), Switzerland-Eastern Europe, Central Asia, South Caucasus Joint Chamber of Commerce (JCC), and Swiss Alternative Financing have signed a memorandum of understanding and cooperation.

Diplomatic relations between the two countries were established on January 21, 1992.

Azerbaijan and Switzerland cooperate in various economic sectors. There is mutually beneficial cooperation between Baku and Bern in the non-oil sector. In addition, Baku will host a meeting of the Commission on Trade and Economic relations between Switzerland and Azerbaijan in 2022.

The trade turnover between the two nations amounted to $457.2m in 2021, with exports accounting for $272.5m and imports for $184.7m.