Azerbaijan Expands Territory Of Alat Free Economic Zone
Date
1/19/2024 10:09:16 AM
(MENAFN- AzerNews)
Nigar Hasanova Read more
President Ilham Aliyev signed a decree on amending the Decree On
the establishment and organization of the activity of the Tool Free
Economic Zone, Azernews reports.
According to the decree, "Industrial, transport, communication,
defense and other designated lands, reserve fund lands and
agricultural designated lands located within the administrative
territories of Baku city, Garadag district and Salyan district,
which are located within the administrative territories of Baku
city, Garadag district and Salyan district, and belong to the
category of state-owned land, are free economic tools" 4312.56
hectares of land planned to be allocated to the zone (Part IV) was
determined as the territory of the Alat free economic zone.
It should be noted that the Alat Free Economic Zone (AFEZ) is a
special economic zone in Azerbaijan that is established under the
legislation of the Republic of Azerbaijan and offers free trade
opportunities. Alat Free Economic Zone is also called Alat Free
Zone, Alat Trade Zone, or shortly AFEZ. Although the government of
Azerbaijan has already developed a number of industrial parks and
zones, none of these zones have a clear export orientation, and the
Alat Free Economic Zone (AFEZ) is designed to speak to this need
for an export-focused industrial zone.
It is adjacent to the new Baku Port and is the focal point for
the Government of Azerbaijan's efforts to attract and grow
export-led value-added and manufacturing activity. The AFEZ has
unique, government-approved legislation that allows it to offer a
range of incentives and advantages that aren't currently available
in any other location in Azerbaijan. This includes exemptions from
taxes and customs duties, a one-stop shop, and a self-regulated
arbitration process.
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