Azerbaijani and Georgian startups ink memorandum on cooperation

Baku. 6 March. REPORT.AZ/ Baku Business Factory (BBF) and Georgia’s Innovation and Technology Agency (GITA) have today signed a Memorandum of Cooperation (MoC). The document was signed by the BBF Director Alovsat Muslumov and GITA Chairman Giorge Zviadadze.

According to agreement, the parties will expand cooperation in non-oil sector, particularly in ICT, science, engineering and agriculture. BBF and GITA have also agreed to exchange experiences in attracting the "angel" and "venture" investors.

The memo will help the Georgian and Azerbaijani startups and innovators to bilaterally enter the market. Also Georgian startups will be able to benefit from a number of BBF services.

In addition, the parties will organize business forums, seminars and other meetings for companies and startups from the two countries.

Baku Business Factory was established in May 2015 by the initiative of Azerbaijani businessman, founder of Union Grand Energy PTE Group of Companies, Anar Alizade. The main purpose of the BBF is to provide young people with a promising business ideas that will have a positive impact on economic and social development of the country by providing them with support of the early stage of their projects, making them more rapid and sustainable.

Georgia's Innovation and Technology Agency was established in 2014. The main purpose of the agency is to create an innovative ecosystem in Georgia, to stimulate innovation and technology apply in several areas, commercialize innovative entrepreneurship, as well to support IT and innovative startups and etc.