TODAY.AZ / Business

Cargo Airport to be built in territory of Alat Free Economic Zone

01 March 2024 [17:44] - TODAY.AZ
Ulviyya Shahin

The representatives of leading German companies visited the Alat Free Economic Zone (AFEZ) and met with the Chairman of the Board of the AFEZ Authority, Mr. Valeh Alasgarov, Azernews reports.

The visit was organized by the German Eastern Business Association. The delegation was led by Mr. Michael Harms, Managing Director of the German Eastern Business Association.

During the meeting, Mr. Alasgarov provided detailed information about the main activities of the AFEZ, its strategic geographical location, unique legal framework, industrial land plots with ready-to-use off-site and on-site infrastructure and utilities, and the fiscal and non-fiscal incentives package for the investors.

Afterwards, Mr. Jawad Dbila, Managing Director of Silk Way AFEZCO, informed the delegation about the new Cargo Airport that will be located on the territory of the AFEZ and will serve the needs of AFEZ investors, as well as other clients in international cargo transportation. Following this, Mr. Zaur Akhundov, President of Silk Way Group, talked about the strategic importance of the Cargo Airport and its significance for the investors of AFEZ and other clients.

The meeting was followed by a Questions-and-Answers (Q&A) session.

Note that the Alat Free Economic Zone (AFEZ) is a special economic zone in Azerbaijan that is established pursuant to the legislation of the Republic of Azerbaijan and offers free zone opportunities. At the outset, we shall note that, in certain circumstances, Alat Free Economic Zone is incorrectly called as "Alat Free Zone" or "Alat Trade Zone". It must be emphasised that AFEZ is practically designated for the production industry, not for the trading of goods (therefore, literally it is not a "free trade zone" in this sense).

The legal and economic relations related to the establishment and management of special economic zones in Azerbaijan and the rules for organising entrepreneurial activity in those zones are regulated by the Law of the Republic of Azerbaijan on "Special economic zones" which was adopted in 2009. According to the Law on “Special economic zones”, a special economic zone is a limited part of the territory of the Republic of Azerbaijan where a special legal regime is applied for the implementation of entrepreneurial activity.

On May 18, 2018, the Law of the Republic of Azerbaijan "On Alat Free Economic Zone" (hereinafter referred to as “Law”) was adopted. This law sets out the legal framework for the operation, development, and governance of the Alat Free Economic Zone. With respect to the legal definition, the Alat Free Economic Zone is the zone established by the President of the Republic of Azerbaijan for carrying out entrepreneurial and investment activities.

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