Free trade zone to be created in Baku
Azerbaijan’s President Ilham Aliyev signed a decree March 17 on measures to create a free trade zone type special economic area in the Alat township of Baku’s Garadagh district, Azertac state news agency reported.
The zone will also include the territory of the new Baku International Sea Trade Port.
The decree has been signed in order to ensure the sustainable economic development, increase the competitiveness, strengthen Azerbaijan’s position as a logistics and transport center and to create a multi-vector transport infrastructure in the country.
The Economy Ministry and Baku International Sea Trade Port closed joint-stock company have been tasked to present proposals and relevant information to Azerbaijan’s president about the creation of the free trade zone within a month.
Moreover, the abovementioned structures have been tasked to attract an international consultant and improve the law on special economic zones, present proposals to Azerbaijan’s president on the economic feasibility of the free trade zone, a concept for its development, infrastructure and management, as well as on types of business activity to be carried out in the zone, and their features.
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