Azernews.Az

Akbar Novruz

Read more

Azerbaijan is actively seeking to attract South Korean manufacturers to its Alat Free Economic Zone (AFEZ), with a focus on high-value-added, export-oriented industries. Valeh Alasgarov, Chairman of the AFEZ Board of Directors, highlighted this during his visit to Seoul, where he held a series of meetings to present the opportunities and incentives offered by the zone, Azernews reports.

Speaking to The Korea Herald, Alasgarov emphasized that Azerbaijan is particularly interested in Korean companies specializing in industrial production that align with global standards. “We are ready to consider any proposal, but we will give preference to investors who provide innovative technologies, comply with international standards, and aim for export-driven production,” he stated.

Alasgarov revealed that discussions were held with major South Korean institutions, including the Korea Trade and Investment Promotion Agency (KOTRA) and the Korea International Trade Association. These talks aimed to promote the potential of the AFEZ and explore avenues for industrial cooperation.

He underscored that at least 75% of products manufactured in the AFEZ must be exported, a requirement designed to bolster international competitiveness and avoid the establishment of small-scale enterprises serving only the domestic market.

Korea’s strength in sectors such as mechanical engineering, electronics, automotive manufacturing, and pharmaceuticals closely aligns with the strategic goals of the AFEZ, he noted.

“The AFEZ offers industrial land plots equipped with ready-made infrastructure and engineering communications, enabling investors to launch their projects without delay and at minimal cost,” Alasgarov added.