EU launches project on rendering assistance to Port of Baku
By Nigar Abbasova
The European Union has launched a project on rendering a technical assistance to the Baku International Sea Trade Port in creation of Free Trade Zone.
The aim of the project is to render support for the training of personnel, as well as the use of European practices in the implementation of port operations.
Director-General of the Port Taleh Ziyadov, speaking at the event dedicated to the launch of the project, said that the Baku Port and the FTZ will significantly influence the volume of trade turnover with the European countries.
“European companies, specialized in the spheres of transport, logistics, ICT and agriculture will be able to benefit from the Baku FTZ, and create industrial clusters to enter larger markets,” he said.
Period of execution of the project is 1 year.
Azerbaijan is expected to get huge benefits from its first-ever Free Trade Zone. Special tax and customs policy, which will be pursued in the territory of the free trade zone, will also stipulate further development and simplification of a number of procedures. The privileges can cover the income tax, VAT, tax of profit and property tax.
The establishment of FTZ will also bring a large amount of foreign investment in Azerbaijan, as well as open the country's doors to new investors.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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