The Ministry of Taxes canceled the registration for another 5 foreign companies in Azerbaijan.
According to the Ministry of Taxes, they are Distrilab, Buz Alen Hamilton Inc., Grundfos Pompa Sanayi ve Ticaret Ltd., Niko International Ltd. and Makimsan Asfalt Taahhut Insaat Sanayi ve Ticaret Anonim.
The Ministry of Taxes does not give additional information about the closure of the companies and the reasons for their withdrawal from the market.
Last Sunday the oldest European group of luxury hotels, Kempinski discontinued its business in Azerbaijan.
Azerbaijan was also left by Russian Aktavis, British BJ Services Company Middle East Ltd, Swiss Schering Plough Central East AG, Turkapital Holding, Singapore Petro Singapore Trading PTE Ltd., Belgian Puratos, and Royal Dutch Shell Plc. The activities of French Technip Maritime Overseas Ltd and Italian Maccaferri Azerbaijan were suspended. The intention to withdraw from the oil project ACG was announced by ONGC Videsh Limited. Foreign companies and individuals began to take capital away from Azerbaijan after the start of the economic crisis in 2014. --0-
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
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