Today, the Small and Medium Enterprises General Authority, "Monsha'at," signed a memorandum of understanding with the Azerbaijani Agency for Small and Medium Business Development, "KOBIA," to enhance economic, commercial, and investment cooperation in the field of small and medium enterprises and to contribute to improving their competitiveness in global markets.

The signing took place in the presence of His Excellency Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, Deputy Prime Minister of Azerbaijan Samir Sharifov, Governor of "Monsha'at" Sami bin Ibrahim Al-Husseini, and Head of the Azerbaijani Agency for Small and Medium Business Development Orkhan Mammadov, coinciding with the eighth session of the Saudi-Azerbaijani Joint Committee.

The memorandum aims to facilitate knowledge and experience exchange between the two parties to improve institutional infrastructure and develop small and medium enterprises. It also seeks to organize business visits to enhance commercial relations between small and medium enterprises in both countries by providing information on business opportunities related to small and medium enterprises and supporting the organization of training and educational programs for the sector and related institutions.

Through these memoranda, "Monsha'at" aims to open new qualitative avenues for economic cooperation, which contributes to enhancing the entrepreneurial environment in the Kingdom and creating investment opportunities for small and medium enterprises, thereby facilitating their international expansion.