(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 31.​ New enterprises producing solar panels will start operating in Azerbaijan's Alat Free Economic Zone (AFEZ), Chairman of the Board of Directors of the AFEZ Authority Valeh Alasgarov said on the sidelines of business meetings of Istanbul Chamber of Industry (ICI) board members held in Baku, Trend reports.

"To date, we have about 200 hectares of land in the Alat Free Economic Zone. Most of these areas, almost 138 hectares, have already been presented to investors," the official explained.

He noted that construction work on the remaining areas will be completed in a week or two and will be presented to investors.

"Currently, 23 hectares of land have been presented for factories producing solar panels. When it comes to solar panel production, the last of the three factories will be operated solely for this purpose. The other two factories will produce silicon crystals and other products used in the production of solar panels," he pointed out.

Alasgarov emphasized that to date, Chinese, Indian, Russian, Israeli, and Turkish companies have been registered in these areas.

"Four of them are conducting construction work. Two of the companies will begin production of the agreed products by the end of this year. The other two have begun relevant work, and it is planned to present their products in the coming years," the official added.

The Alat Free Economic Zone (AFEZ) is a strategically located investment hub in Azerbaijan, adjacent to the Baku International Sea Trade Port, offering significant fiscal and non-fiscal incentives to attract foreign and local investment in high value-added manufacturing and internationally traded services. It provides a business-friendly environment with world-class infrastructure, preferential tax regimes, and an independent regulatory framework to boost Azerbaijan's non-oil sector and competitiveness in global trade.

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