During the III session of the Working Group on the Alat Free Economic Zone, the projects being implemented in the Zone, infrastructure development and attracting investors have been discussed.
The III session of the Working Group on the Alat Free Economic Zone (AFEZ) has been held.
At the session held with the participation of Mikayil Jabbarov, the Minister of Economy of the Republic of Azerbaijan, Head of the Working Group, discussions were held on the efficient organization of the activity of the Alat Free Economic Zone and attracting investments.
It was noted that works are underway in the Alat Free Economic Zone to promote export-oriented production creating high added value and based on the advanced management practices.
At the event, information was provided on the progress of the construction of an international airport and the development of infrastructure in the Alat Free Economic Zone. The companies registered and already operating in the zone, as well as projects presented by a number of investors, were highlighted. It was emphasized that strengthening the zone’s activities is of great importance for attracting investors, who use innovative technologies, expanding their cooperation with local companies, and creating new jobs.
It should be noted that the Alat Free Economic Zone, which has a strategic geographical location near the Baku International Sea Trade Port and along global transport corridors, offers numerous fiscal and non-fiscal incentives for investors. Within the special tax regime for residents operating in the Zone, a number of tax and customs exemptions are provided, including value-added tax. Additionally, there are no restrictions on foreign legal entities and individuals owning property in the Alat Free Economic Zone; currency operations and the repatriation of profits are unrestricted; there is no requirement for foreign investors to have a local partner or shareholder; and other advantages are available.
Moreover, the provision of ready-to-use industrial land plots equipped with both on-site infrastructure (internal roads, electricity, water, gas lines, sewage systems, communications, etc.) and off-site infrastructure (highways, railway connections, access to seaports and airports, etc.), as well as engineering and utility systems, further enhances the attractiveness of the Alat Free Economic Zone.
