Law on Alat FEZ to be changed
By Sara Israfilbayova
It is necessary to make about ten changes in the bill “On the Free Economic Zone Alat”.
This was stated at the last meeting of the spring session of the Parliament on May 31 by chairman of the parliamentary committee on legal policy and state building Ali Huseynli.
He stressed that it is proposed to add a new paragraph to the law “On normative legal acts”, according to which in the cases defined by the law “On the Free Economic Zone Alyat”, legal regulation different from this constitutional law is applied on its territory, and acts adopted in ties with the activities of this zone, have mandatory legal force within the FEZ.
The chairman added that this is a draft of the constitutional law, and in case of adoption it will come into force with the condition for re-voting.
Azerbaijani President Ilham Aliyev signed a decree on March 17, 2016, on measures to create a Free Trade Zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh district.
The FEZ is expected to bring up to $1 billion just in the first few years. 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.
FEZ will be located within the grounds of the new port, covering an area of 100 hectares. Since the new port is being built at the major railway juncture connecting the North-South and the East-West railway lines in Azerbaijan, FEZ will also have rail access. Serving as a multimodal transit logistics hub, the new port and FEZ will become a major consolidation and distribution centre in Central Eurasia that provides a wide range of value added services.
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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is
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