Baku hosts 8th plenary session of CICA Business Council and 10th CICA Business Forum

The 8th Plenary Session of the Business Council of the Conference on Interaction and Confidence Building Measures in Asia (CICA) and the 10th CICA Business Forum was held on Tuesday here.

Co-organized by the Small and Medium Business Development Agency (KOBIA) of Azerbaijan and CICA, the event, held in a hybrid format brought together over 250 representatives, including officials and businesspersons from CICA member states.

The meeting focused on the industrial cooperation between the CICA member states, the role of SMEs in the global value chain, the digitalization, the development of women's entrepreneurship, the green transition of SMEs, the cross-border trade and e-commerce, the institutional frameworks supporting SME investments, as well as the challenges and opportunities in the business sector.

In accordance with the decision of the CICA Ministerial Council, Azerbaijan assumed the CICA Chairmanship for 2024-2026. As part of Azerbaijan’s CICA Chairmanship, the country’s Small and Medium Business Development Agency (KOBIA) is chairing the CICA Business Council.

Addressing the event, Kairat Sarybay, CICA Secretary General and Orkhan Mammadov, KOBIA Chairman, highlighted the activity of CICA, Azerbaijan’s chairmanship, the importance of CICA Business Council, as well as economic cooperation and prospects for enhancing relations between the CICA member states.

The event also featured presentations on the discussed topics from the member states, namely Kazakhstan, Russia, Thailand, Türkiye, China, India, Kyrgyzstan, Palestine, and Uzbekistan.

It also included discussions on the future projects and initiatives to be implemented within CICA, as well as the upcoming 9th Plenary Session of CICA Business Council scheduled for 2026.

The 10th CICA Business Forum included discussions on the opportunities and challenges in business sector, building new partnerships and promoting investment opportunities.

Kairat Sarybay, CICA Secretary General; Orkhan Mammadov, KOBIA Chairman; Mammad Musayev, President of Azerbaijan’s National Confederation of Entrepreneurs (Employers) Organizations; and Yusif Abdullayev, Executive Director of Azerbaijan’s Export and Investment Promotion Agency of Azerbaijan (AZPROMO) delivered speeches at the business forum.

The Business Forum featured panel discussions on strengthening the competitiveness of SMEs of the CICA member states, as well as the sustainability and the role of women in SMEs.

The event also saw the signing of a Memorandum of Understanding on cooperation between the Azerbaijan Women’s Entrepreneurship Development Association (AQSIA) and the Association for Business, Society and State Relations of Kazakhstan.

It also featured presentation of the "E-book on SME Development in the CICA Region" project, developed under the coordination of the CICA Secretariat. The project aims to promote the exchange of knowledge and expertise among the CICA member states.