Alat FTZ to be beneficial both for Azerbaijani, Turkish economy

By Azernews

By Amina Nazarli

Along with the economy of Azerbaijan, Free Trade Zone (FTZ) to be created in Baku's Alat settlement (ATZ) will be beneficial also for Turkey's economy.

Spokesperson for the Turkish Foreign Ministry, Ambassador Huseyin Muftuoglu stressed that, currently, Turkey is closely involved in the project, Azertac reported.

As in Dubai, Baku International Sea Trade Port will become a giant FTZ of the region, in the coming years.

Huseyin Muftuoglu further said that modern and global infrastructure projects are being implemented in Azerbaijan, in recent years.

“Baku-Tbilisi-Kars railway soon to be put into operation is a joint work of Azerbaijan and Turkey brotherhood. The new Baku International Trade port will also further enhance trade relations between Turkey and Azerbaijan. On the other hand, this international project creates profitable opportunities for Turkey to enter the Central Asian and Russian markets. Of course, Turkey will always support such projects,” Muftuoglu said.

Measures on creation of a FTZ type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh district was singed by president on March 17, 2016.

The Baku FTZ will include several components, such as Truck Parking, International and Domestic Logistics Centers, operating within a special economic regime, which expects to bring huge benefits to the state budget of the country once established.

In September 2016, the Azerbaijani government and Dubai Port World (DP World), one of the world’s major port operators, signed an agreement on provision of consulting services for the creation of the free trade zone in the Alat township.

Earlier, the Baku International Sea Trade Port and the Islamic Corporation for Development of the Private Sector (ICD) signed a memorandum of understanding targeting on studying potential capacity of the port and the FTZ, as well as the opportunities to attract private sector to the process of creating the free trade zone.

ICD will be the second international organization, after DP World engaged for consultations within the framework of a FTZ. 

 FTZ targets to create economic revival in the port and attract business operations to Azerbaijan.
 

The project will also give a stimulus for the popularization and development of 'Made in Azerbaijan' brand, with which the country is keen to penetrate widely in the international commodity markets.