UAE company to invest $10M in small and medium-sized business in Azerbaijan

“Omni World Holdings (Omni)” company of United Arab Emirates (UAE) will invest in financing of potential projects on small and medium-sized business in Azerbaijan, Report informs.

Today, representatives of the Agency for Development of Small and Medium-Sized Enterprises and Omni met and discussed the cooperation opportunities.

At the meeting, the Agency and Omni signed a Memorandum of Understanding (MoU). The MoU was signed by the Chairman of the Management Board of the Agency Orkhan Mammadov and Eric Schaer, Chairman of Omni.

According to the document, Omni will invest in tourism, agriculture, IT, health and other economic fields. Initially, Omni will invest $10 million in the projects on smack and medium-sized business.

Generally, according to the MoU, the Agency and Omni will cooperate in financial services, coordination of relevant bodies for promotion of small and medium-sized business, exchange of information on innovations in the field of business management, organization of seminars, exhibitions and other events in order to enhance the cooperation.

Orkhan Mammadov told journalists that involvement of foreign investors is of great importance in terms of economic diversification, as well as development of small and medium-sized business: "Activity of the small and medium-sized business is extending and this field need financial support. Involvement of investments is one of the priorities in this direction."

Eric Schaer, Chairman of Omni, said the favorable business and investment condition was created in Azerbaijan, different measures are taken in this field.

According to him, Omni is interested in implementation of projects on small and medium-sized business in Azerbaijan and will cooperate with the Agency for Development of Small and Medium-Sized Enterprises: "As a result of political stability, economic reforms in Azerbaijan, interest fields were revealed for investors. We are interested in investing in these fields. Our deep researches showed that government provides support for small and medium-sized business. Such support creates basis for us to invest in Azerbaijan."

He noted that the company will initially invest $10 million: "Our investments may reach $50 million, even $50 million in the future."