TODAY.AZ / Business

Local, Korean SMEs support agencies to expand cooperation

23 July 2019 [15:47] - TODAY.AZ

By Azernews

By Mirsaid Ibrahimzade

The developing relations with South Korea and deepening ties are expressed in cooperation of Korea International Cooperation Agency (KOICA) with Azerbaijan by implementing government's grant aid and technical cooperation programs.

Presently, agencies of the two states which operate in the sphere of business development demonstrate certain interest to cooperate and this can regarded as a new phase of cooperation between the two countries.

Recently, Kim Tong Op, South Korean Ambassador to Azerbaijan, has visited the Agency for the Development of Small and Medium-sized Enterprises (SMEs) under the Azerbaijani Ministry of Economy.

During the meeting with Orkhan Mammadov, Chairman of the Board of the Agency, issues of cooperation in the micro, small and medium-sized business areas and exchange of experience were discussed.

It is noteworthy that SMEs Development Agency aims to ensure the consistency of reforms, as well as the improvement of the business regulation system and application of effective coordination, enhancement of the role and competitiveness of small and medium-sized businesses in the country's economy, and compliance of the management system of this sphere with modern requirements.

It was noted that, given the successful development of the SMEs sector in South Korea, the Agency is interested in learning best international practices in the field of SMEs, including the Korean experience.

At the same time, the sides exchanged views on expanding cooperation with the Korea SMEs and Startups Agency (KOSME), sharing experience in SME development funds, providing a support mechanism for SMEs and a platform for public-private partnership.

KOSME is a non-profit, government-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs.

To achieve its purpose, KOSME operates financial and non-financial programs for SMEs. Through financial programs, KOSME provides financing for SMEs to expand operations, develop new products and convert their business structures. With advisory programs including consulting, training, marketing and global cooperation programs, KOSME supports SMEs to enhance their global competitiveness.

In general, Korea International Cooperation Agency aims to maximize the effectiveness of South Korea's grant aid programs for developing countries.

Since the beginning of cooperation, 11 grant projects were successfully completed with total grant aid worth $49.28 million and currently, two projects are being implemented.


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