By Azernews

By Ayya Lmahamad

Azerbaijan's Small and Medium Business Development Agency and Egypt's Micro, Small and Medium Enterprises Development Agency have signed a memorandum of understanding on cooperation.

The memorandum was signed by Azerbaijan's Agency Chairman Orkhan Mammadov and Egypt's International Cooperation Minister Rania Al-Mashat within the framework of the 5th meeting of the joint intergovernmental commission on economic, technical and scientific cooperation between the two countries, held in Baku on February 25.

The memorandum covers areas of cooperation between SMBs of the two countries, especially in the field of startups and women's entrepreneurship, exchange of information and experience, as well as the organization of joint events.

Speaking at the meeting, Orkhan Mammadov briefed on the opportunities for cooperation with the participation of SMBs of both countries. He also informed about the support and services provided by the Agency to entrepreneurs.

The trade turnover between Azerbaijan and Egypt amounted to $42.4 million in 2021. In addition, the trade turnover between the two countries amounted to $562,460 in January 2022.

Earlier, Egypt also expressed interest in participating in projects in Azerbaijan’s liberated territories.