(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 11. Alat Free
Economic Zone (AFEZ) has a potential to emerge as a regional
industrial hub, Ivana Fernandes Duarte, IFC's Regional Manager for
the South Caucasus, said in an exclusive interview with Trend .
"IFC in partnership with the Austrian federal Ministry of
Finance and in collaboration with the AFEZ Authority is working
with AFEZ on developing initiatives to partner with its tenants
both in terms of advisory services and also investments. As a
unique export-led industrial zone, AFEZ aims to attract foreign
investment in non-oil and gas sectors through a special legal,
regulatory, and fiscal regime. While advising potential investors
at the early stage of their projects, the goal is to ensure those
projects support the country's climate-resilient development path.
Strategically located close to the Baku International Sea Trade
Port and transport corridors, AFEZ-designed to attract and grow
value-added and manufacturing activity-has the potential to emerge
as a regional industrial hub. This will lead to Azerbaijan's
economic diversification, ensuring sustainable and inclusive
growth," she said.
Duarte went on to add that in the face of changing geopolitical
context, and tightening financial conditions globally, Azerbaijan
is exploring and optimizing new growth drivers.
"Moving forward, unlocking the full potential of the
agricultural sector, and embracing digitalization, while leveraging
the power of the private sector, can help tap Azerbaijan's growth
potential. Also, given its strategic location, the country can
emerge as a regional transit and transport hub. A conducive
business environment along with financial and banking sector
reforms is vital to Azerbaijan's future roadmap. In addition,
Azerbaijan is strategically focusing on green energy,
public-private partnerships, global value-chains, and international
trade," added the IFC regional manager.
She noted that to support these efforts, IFC has advised the
government on developing a new law on investments and FDI promotion
strategy, which is in the process of being adopted.
"In addition, IFC has been advising the government on fostering
a conducive regulatory regime for business, with a foon
business inspections, licensing and permits, among others," she
said.
The opening ceremony of the first stage of the Alat Free
Economic Zone was held on July 9. The total area of the Alat FEZ is
850 hectares. On the territory of 60 hectares, where work is being
carried out within the first stage, construction has already begun
and a number of works have been completed.
The land plots that will be leased to investors are already
ready for construction work. Inside the land plots with a total
area of 297,000 square meters, there are connection points to
water, sewer, electric, gas, and communication networks.
There is also a ready-to-use internal and external engineering
and communication infrastructure. Customs checkpoints and premises
for customs inspection have been built at the main entrance to the
territory.
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