Russia and Azerbaijan will support small and medium business together

Russia and Azerbaijan have agreed to create a center of cooperative relations to support small and medium-sized businesses. Such agreements were reached at a meeting of the intergovernmental commission on economic cooperation between the two countries.

"The center of cooperative ties will be a permanent mechanism to support small and medium-sized businesses in our countries to enter the markets of Russia and Azerbaijan, as well as in the markets of third countries," said Deputy Minister of Economic Development Dmitry Volvach.

The parties agreed to encourage large businesses and retail chains of both countries to buy products from small and medium enterprises (SMEs). The center will also help integrate SMEs into the production chains of large companies. Russian digital technologies and platforms will be used for this purpose, the press service of the Ministry of Economic Development said.

"The Russian side is open for cooperation, including facilitating the entry of small and medium-sized businesses into new markets, stimulating cooperation, developing new financial and non-financial instruments to support joint projects, and sharing best practices," Volvach said.

Today, according to expert estimates, the share of Russian SMEs in total exports of Russia is 8.6% (42.3 billion dollars). The share of SMEs in the total export of Azerbaijan is about 5-6% (about 1 billion dollars).

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Author: Ekaterina IvanovaMade
in Russia // Made in Russia