The next three foreign companies announced the closure of their branches and representations.
A branch of Vipro UK Limited from the UK operated in Baku since 2005, and a branch of the Austrian company Vamed Engineering GmbH operated since 2008. Representation of the company Asia Central Trading Limited ceased its activities in Azerbaijan after 15 years of activity.
The company Vamed Engineering GmbH specializes in the design, construction, equipment and management of complex healthcare organizations. It is part of the German health technology group Fresenius. Participation of the company in the implementation of health projects is not reported.
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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