Two European Companies Leave Azerbaijan
2017 October 26 ( Thursday ) 11:59:19
Baku / 26.10.17 / Turan: The Belgian company Ravago Distribution Center announced the liquidation of its Azerbaijan representation. The curtailment of activities in Azerbaijan was also announced by the German company Bioworks AG.
Ravago Distribution Center opened a representative office in Baku in the summer of 2012. The group of companies Ravago has production capacities in a number of countries and has also been selling products in Azerbaijan. It is one of the leading companies in the production of raw materials for construction, food, alcoholic and polymer industries.
Bioworks Caspian, a subsidiary of Bioworks AG, was established in April 2012 with the participation of the local LLC GMR International. The company was engaged in the field of innovative technologies for wastewater treatment.
The companies do not disclose the reasons for taking the decisions on their liquidation in their statements published in the printed body of the state registration of commercial persons (Vergiler (Taxes) newspaper).
As a rule, foreign companies leave Azerbaijan as they achieve their assigned tasks, as many of them deploy activities for specific projects. It is not uncommon for companies with foreign capital to shut down their offices in Baku because of the deteriorating economic situation in the country. -----08D