A memorandum of understanding was signed between the Agency for Small and Medium Business Development of the Republic of Azerbaijan (SMBDA) and the Iran Small Industries and Industrial Parks Organization (ISIPO) within the 15th meeting of the Azerbaijan-Iran State Commission on economic, trade and humanitarian cooperation held in Baku on March 11, TurkicWorld reports citing the SMBDA.

The memorandum provides for the organization of business training, seminars, and exchange programs.

Furthermore, according to the document, the sides will be encouraged to participate in industrial parks for supporting the competitiveness of SMEs and expanding mutual access to markets. Measures will be taken to facilitate the transfer of innovations in entrepreneurship and information technology.

The memorandum has been concluded by Chairman of SMBDA Management Board Orkhan Mammadov and Deputy Minister of Roads and Urban Development of Iran Kheirollah Khademi.