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Thursday May 23 2024

Russian company constructs factory in Alat Free Economic Zone

4 April 2024 16:49 (UTC+04:00)
Russian company constructs factory in Alat Free Economic Zone
Ulviyya Shahin
Ulviyya Shahin
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The manufacturer of composite facade panels from Novosibirsk (Russian Federation) is constructing a modern factory in the Alat Free Economic Zone, Azernews reports, citing Ruslan Mirsayapov, the commercial representative of the Russian Federation in Azerbaijan, saying as at the roundtable discussion on Cooperation in the Production of Construction Materials between Russia and Azerbaijan. Export of Russian Manufacturers' Products to the Azerbaijani Market.

According to him, additionally, the UHOM construction hypermarket project is being implemented by a member of the business club of the Russian trade representation in Azerbaijan.

"Mutual cooperation in the production and supply of construction materials is very important because the volume of industrial production and civil construction is increasing in the republic. Significant projects are being implemented in the Garabagh economic region, where Russian-made products are also used," - added R. Mirsayapov.

The Alat FEZ is situated in the Alat settlement, which is part of the Garadagh district in the Absheron district, Azerbaijan. It occupies a strategic location near the Caspian Sea and is close to major transportation routes, including the Baku International Sea Trade Port.

The Alat FEZ was established to promote economic development, attract foreign investment, and stimulate trade and manufacturing activities in Azerbaijan. It was created as part of the country's efforts to diversify its economy and reduce dependence on oil and gas revenues.

The Alat FEZ is part of larger development initiatives in Azerbaijan, including the construction of the Alat International Logistics Center and the Alat Free Trade Zone. These projects aim to create a vibrant economic hub in the region and attract investment from both domestic and foreign sources.

Overall, the Alat Free Economic Zone plays a crucial role in Azerbaijan's economic development strategy, offering favorable conditions for businesses to invest, operate, and participate in global trade activities.

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