Economic Zones World to assist Azerbaijan in FTZ creation

16 August 2016 19:44 (UTC+04:00)

By Nigar Abbasova

Economic Zones World (EZW), a global developer and operator of economic zones, technology, logistics and industrial parks, will be involved in creation of Azerbaijan’s first-ever free trade zone, said Taleh Ziyadov, Director General of the Baku Port, while addressing the second meeting of the working group on the creation of FTZ in Baku.

“As it is known, we have used Dubai model as a basis. Economic Zones World Company, which belongs to DP World Corporation have been an operator of the FTZ in Jebel Ali Port for 30 years. Therefore, we have decided to engage the company as a consultant in the process of FTZ creation. The talks have lasted about six month, and completed successfully, the agreement is expected to be signed this week. As of the financial part of the agreement, it was approved and got a support from the head of state,” he said.

He mentioned that a special legal regime, the work on which is currently underway, will be pursued at the territory of FTZ, and all further legislative acts related to the FTZ will comply with the regime.

Among the participants of the meeting were representatives of different ministries and committees including ministries of taxes, economy, transport, ecology and natural resources, finances, and justice as well as State Customs Committee, State Committee on Property Issues,  State Town Building and Architecture Committee, Caspian Marine Services Company, Azerbaijan Railways and state oil company (SOCAR).

Creating a free trade zone is considered to be a milestone of Azerbaijan's policy to strengthen the country's position as a regional logistics and transportation hub. The project is expected to bring huge benefits to the state budget of the country once established. Registration of the residents of the FTZ is expected to begin in January 2017. FTZ is expected to bring up to $1 billion just in the first few years.

Presidential decree on the establishment of a special economic area in the Alat settlement, which will also include the territory of the new Baku International Sea Trade Port, was signed on June 10.

--

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz