Azerbaijan expands territory of Alat Free Economic Zone

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.