A memorandum of cooperation was signed between Nakhchivan State University, Nakhchivan Confederation of Entrepreneurs, and Jahan Holding, solidifying commitments to enhance university-industry collaboration. During the meeting convened for this purpose, Rector Elbrus Isayev extended a warm welcome to the guests, highlighting the mutual benefits of such engagements and underlining their significance in global educational paradigms. Emphasizing the pivotal role of such collaborations in elevating the university's ranking and prestige, Rector Isayev stressed the necessity of formalizing and implementing business relations within the confines of relevant legislation. Vugar Abbasov, Founder of "Jahan" Holding and Chairman of the Nakhchivan Confederation of Entrepreneurs, underscored the importance of continuous dialogues and noted the evolving dynamics between universities and enterprises within the labor market—a vital component of societal reforms. Abbasov advocated for governmental and non-governmental support for universities and proposed the formulation of a joint action plan. To foster advancements in education and industry, the meeting outlined plans for various projects and programs, including the establishment of a Technopark at the university to integrate industrial expertise with academic potential for research and innovation. Proposals from the Nakhchivan Confederation of Entrepreneurs and Jahan Holding regarding cooperation were deliberated upon. In light of the promising prospects for bilateral collaboration, a mutual cooperation agreement supporting the innovative development of Nakhchivan State University was signed. This collaboration aims to facilitate university-industry partnerships in accordance with accreditation standards, enhance personnel training through research and innovation, and foster regional sustainable development initiatives. The agreement encompasses supporting joint research endeavors, fostering start-up initiatives, enhancing material and technical infrastructure, and promoting student motivation and educational achievements. Rector Isayev extended gratitude to Vugar Abbasov on behalf of the university, presenting a letter of appreciation and a token of gratitude for his commitment to advancing collaborative initiatives.