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SMBDA expands relations with relevant agencies of member countries of the CCTS 14.10.19

Summit of the Cooperation Council of Turkic Speaking States (CCTS) on October 14 in Baku. Public officials and business people of the relevant public and private institutions of Azerbaijan, Turkey, Kazakhstan, Kyrgyzstan, Uzbekistan, as well as Turkmenistan and Hungary attended the event.

Orkhan Mammadov, Chairman of the Board of Small and Medium Business Development Agency (SMBDA) of the Republic of Azerbaijan delivered a speech at the business forum, and said that the role of small and medium businesses is increasing in the economy as a result of successful reforms implemented under the leadership of the President of the Republic of Azerbaijan and SMBs take an active part in the economic development. While informing about the activities of SMBDA, Orkhan Mammadov said that the Agency has been paying special attention to the implementation of the best relevant international practice, and in this regard, SMBDA is interested in establishing cooperation with the CCTS member states. It was noted that the total number of operating companies in Azerbaijan of the countries represented at the business forum is more than 3,000, and this opens up great opportunities for the implementation of joint projects. SMBDA has already established relevant partnerships with several CCTS member states. SMBDA joined the Memorandum of Understanding between the state bodies responsible for small and medium businesses of the Member States of the Cooperation Council of Turkic Speaking States which signed in 2015. At the same time, memorandums of understanding have been signed with the Damu Entrepreneurship Development Fund of Kazakhstan and Small and Medium Enterprises Development Corporation (SMEDC) of Turkey.

The Protocol of Intent for Cooperation between SMBDA and Ziraat Bank Azerbaijan OJSC of Turkey and "Export Credit Bank of Turkey" (TurkEximbank), as well as three memorandums of understanding between SMBDA and Hungarian Export Promotion Agency (HEPA), The Participation Banks Association of Turkey (TKBB) and Small Business and Entrepreneurship Development Agency under the Ministry of Economy and Industry of Uzbekistan have been signed within the business forum. The documents will open up wide opportunities for cooperation between SMBDA and relevant agencies in Turkey, Uzbekistan and Hungary. The implementation of mutually beneficial projects for SMBs will be ensured as a result of joint efforts.