Baku, Nur-Sultan eye prospects of cooperation in SMBs sector

By Azernews

By Ayya Lmahamad

Azerbaijan and Kazakhstan have discussed opportunities for cooperation in the field of small and medium businesses, Azernews reports.

The discussion took place during a meeting between Azerbaijani Agency for Small and Medium Business Development Board Chairman Orkhan Mammadov and QazTrade JSC General-Director Azamat Askaruly, within the framework of the Azerbaijani-Kazakh business forum in Baku.

During the meeting, the parties also discussed the support for small and medium-sized businesses and the organization of mutual trade missions.

To recall, during the business forum, Azerbaijan and Kazakhstan have signed several deals on economic cooperation. A memorandum of cooperation was signed between QazTrade and Ganja Entrepreneurs PA. At the same time, contracts were signed for the supply of rolled metal products, sunflower oil, salt, rice, and paint products. Moreover, an agreement was signed between the Kazakh Institute of Standardization and Metrology and the Azerbaijani State Committee on Standardization, Metrology and Patents.

Diplomatic relations between Azerbaijan and Kazakhstan were established on August 30, 1992. Kazakh Embassy in Azerbaijan was opened on January 9, 1993, and Azerbaijani Embassy in Kazakhstan on March 1, 2004. The two countries closely cooperate in various fields of economy. Some 159 companies with the Kazakh capital operate in Azerbaijan in the sphere of industry, construction, trade, agriculture, transport, and services. Azerbaijani companies are also represented in the Kazakh market. Azerbaijan's investments in the Kazakh non-oil sector from 1995 to 2021 amounted to more than $200 million, while Kazakhstan's investments in the Azerbaijani non-oil sector totaled about $100 million. The trade turnover between Azerbaijan and Kazakhstan amounted to $135.7 million in 2021.