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Azerbaijan explores possibilities of creating virtual enterprise model 30.10.19

A delegation from the Small and Medium Business Development Agency of the Republic of Azerbaijan (SMBDA) is in Singapore for cooperation in the SMB sector and exchange of experience. The delegation from SMBDA held a series of meetings with relevant public and private entities operating in the field of small and medium businesses in Singapore during the visit.

At a meeting with representatives of the Ministry of Trade and Industry of Singapore and "Enterprise Singapore", Orkhan Mammadov, the Chairman of the Board of SMBDA, informed about the activity of the Agency and the support and services provided to SMBs, and emphasized the interest to cooperate with Singapore in this area. The head of SMBDA highlighted opportunities for cooperation with Singapore in such areas as investment, entrepreneurship development, exchange of experience in the field of financial support to SMBs, use of programs related to start-ups, and organization of mutual business missions. At the meeting, representatives of "Enterprise Singapore" informed about the activities of the organization and mechanisms of financial support for SMBs and noted that the organization supports SMBs development and access to foreign markets. It was stated that "Enterprise Singapore" is interested in Singapore entrepreneurs' access to new regions, finding new trading partners, and cooperation in this area.

During the meeting of the SMBDA delegation with the Singapore Business Federation and the Singapore Manufacturing Federation, the information was provided on the activities of the abovementioned organizations, support measures for small and medium businesses, discussions were held on the organization of mutual business missions, exchange of experience in the field of SMB development centers.

At the meeting with McKinsey & Company held at the Singapore Digital Capability Center (DCC), it was noted that the virtual model enterprise created by the company to integrate digital technologies into business development and it operates in many countries, including Singapore. Centers hold theoretical and practical seminars and closely cooperate with startups. Views on the possibility of the establishment of similar model enterprises in Azerbaijan have been exchanged at the meeting. Then the representatives of SMBDA familiarized themselves with the activity of the model enterprise operating at Digital Capability Center (DCC).