TODAY.AZ / Business

FTZ to start accepting investors soon

02 December 2016 [13:23] - TODAY.AZ

By Azernews


By Amina Nazarli

Azerbaijan will start accepting applications from investors wishing to work in its free trade zone (FTZ), expected to bring huge benefits to the national budget, in March 2017.

Eugene Seah, Chief Operating Officer of the Baku International Sea Trade Port, made the remark during the Azerbaijan-U.S. business forum titled “Trade and Investment Opportunities in the Post-Oil Era” in Baku on December 1.

Measures on creation of a free trade zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh district was inked by a presidential decree on March 17, 2016.

The Baku FTZ will include several components, such as Truck Parking, International and Domestic Logistics Centers, operating within a special economic regime, which expects to bring huge benefits to the state budget of the country once established.

Arrangements are underway in the run-up to the start of accepting applications from companies interested to operate in the FTZ, he added.

In September 2016, the Azerbaijani government and Dubai Port World (DP World), one of the world’s major port operators, signed an agreement on provision of consulting services for the creation of the free trade zone in the Alat township.

Experts said that creation of FTZ in Azerbaijan around the Baku International Sea Trade Port in Alat settlement is a project with a great future, as it's good opportunity for attracting cargo traffic and investments to Azerbaijan.

FTZ targets to create economic revival in the port and attract business operations to Azerbaijan.

Earlier in November, Director General of the Port Taleh Ziyadov said that creation of the first-ever FTZ of Azerbaijan may start to operate in the first half of 2017. 

He mentioned that industrial clusters specialized in different sectors of light industry will be created at the territory of the FTZ, which will help to attract big companies to establish distribution sales network not only in Azerbaijan, but also on regional scale

He said that the first phase envisages creating storehouses and clusters, while the next stage will provide for setting up small enterprises in such spheres as pharmaceutics, petrochemicals, and light industry.

Creation of the FTZ will give a push for the development of urban infrastructure as well, and Alat may turn into large trade town after 20 years. Moreover, a new airport may be created in the area in future.

The project will also give a stimulus for the popularization and development of 'Made in Azerbaijan' brand, with which the country is keen to penetrate widely in the international commodity markets.

URL: http://www.today.az/news/business/156538.html

Print version

Views: 2072

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: