By Ayya Lmahamad

A memorandum of understanding has been signed between Azerbaijan's Agency for Small and Medium Business Development Agency and Iran's Small Industries and Industrial Parks Organization.

The document was signed by Azerbaijani Agency's board chairman Orkhan Mammadov and Iranian Roads and Urban Development deputy minister Kheirollah Khademi, within the 15th meeting of the Azerbaijan-Iran State Commission on economic, trade and humanitarian cooperation.

The memorandum provides for the organization of business training, seminars and exchange programs. The parties will also be encouraged to participate in industrial parks to support the competitiveness of SMBs and expand mutual access to markets.

Moreover, measures will be taken to facilitate the transfer of innovations in entrepreneurship and information technology.

The 15th meeting of the Azerbaijan-Iran State Commission on economic, trade, and humanitarian cooperation was held in Baku on March 11.

Within the meeting, Azerbaijan and Iran have signed a memorandum of understanding on establishing new communication links between the East Zangazur economic region and the Nakhchivan Autonomous Republic through the territory of Iran.

After liberating its lands from Armenian occupation in the 44-day war in 2020, Azerbaijan regained control over a 132-km section of the Azerbaijan-Iran border. The re-establishment of control over the state border opened up new prospects for deeper cooperation between the two countries.

The trade turnover between Azerbaijan and Iran in 2021 was $440.8 million.