Baku to Open Two New Restaurants
Baku is to open two new franchised restaurants - IL Patio and Planet Earth. Their founder is Rosinter. The local partner is the Russian giant in public catering business, LLC Mosaic Group, which already has control of two restaurants.
According to Director of Development of Franchising Business at Rosinter, Anastasia Orlova, during the presentation, the increased presence of this line is one of the priorities of the strategy of the holding. Another strategic focus is to open restaurants in the transport hubs - in airports and train stations.
Last year the total number of restaurants in the network Rosinter was 408 (including 28 coffee shops Costa Coffee). During the first quarter, the number of restaurants dropped to 395. During January-March, the company closed 13 restaurants, which had not reached the target level of profitability.
Franchising is an advanced form of licensing, in which one party (the franchisor) grants another party (the franchisee) the gratuitous right to act on its behalf, using the trademarks and / or brands of the franchisor. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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