Azerbaijan's franchising market has great potential for development, Elnur Islamov, head of the Azerbaijan Franchising Center, said March 2 on the sidelines of the Caspian Franchise Forum 2018 in Baku.

'There are local brands in Azerbaijan that can become a basis for creating a broad franchise network, Islamov said. 'Our center works with these brands, and we are aimed at creating conditions for them to expand their presence both on local and foreign markets. The franchise model makes it possible to expand business without additional investment injections.

He noted that despite the great development potential, the franchising market of Azerbaijan is at an early stage of formation.

'If we take into account that the global level of capitalization of this market is about $6 trillion, the absence of our brands in this niche is regrettable, Islamov said. 'However, I think that this market has its own prospects in Azerbaijan as well. The economic development of the country and the promotion of exports and investments give strength and incentive to entrepreneurs to turn their companies into well-known brands.

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