Azerbaijan explores possibilities of creating virtual enterprise model

A delegation of the Azerbaijani Agency for the Development of Small and Medium-Sized Enterprises (SMEs) is on a visit to Singapore to establish cooperation and exchange experience in the sector of small and medium enterprises, Trend reports on Oct. 30 referring to the agency.

The Azerbaijani delegation met with a number of public and private entities operating in the field of small and medium entrepreneurship during the visit.

During a meeting with representatives of the Ministry of Trade and Industry of Singapore and Enterprise Singapore, chairman of the board of the agency Orkhan Mammadov informed those present about the activity of the agency, as well as the support and services being rendered to the entrepreneurs of small and medium-sized enterprises.

“Azerbaijan is interested in cooperation with Singapore in this sphere,” the chairman of the board added.

Mammadov stressed the possibilities of cooperation with Singapore in the field of investment, exchange of experience in the development of entrepreneurship development and financial support for the entrepreneurs of the small and medium enterprises, the use of programs related to startups and the organization of mutual business missions.

During the meeting, the representatives of Enterprise Singapore informed the guests about the activity of the structure and mechanisms of financial support for the entrepreneurs of the small and medium enterprises.

Enterprise Singapore supports the development and access for the entrepreneurs of the small and medium enterprises to enter the foreign markets. Enterprise Singapore is interested in entering new regions, finding new trading partners for Singaporean entrepreneurs.

During the meeting, representatives of the Singapore Business Federation and the Singapore Manufacturing Federation, the guests were informed about the activity of the abovementioned structures, support measures being rendered to the entrepreneurs of the small and medium enterprises. The discussions on the organization of mutual business missions, exchange of experience in the field of SME development centers were held.

During the meeting held with representatives of McKinsey & Company at the Singapore Digital Opportunities Center, the Azerbaijani delegation was informed that the virtual enterprise model created by the company was designed to use digital technologies in business development. Along with Singapore, there is such a model in many other countries. Theoretical and practical seminars are held in the centers, close cooperation with startups is established.

The sides exchanged views on the possibility of creating such a model of enterprises in Azerbaijan during the meeting.

The Azerbaijani delegation reviewed the work of the virtual enterprise model at the Digital Opportunities Center.