The branches of two foreign companies announced curtailment of their activity in Azerbaijan today.
The Singapore company Gralyn Events PTE Ltd opened a branch in Baku in November last year. The company itself was established in July 2015. What the company did in Azerbaijan is not known.
The Turkish company Elit Tasarim Dekorasyon has announced the closure of its branch in Azerbaijan for the second time in the last 12 months. The branch operated from December 2010.
LLC Organikdom was established by a Ukrainian citizen Larisa Simonenko in 2012. This company also warned the creditors of the closure from 5 April 2017. ---08D
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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