TODAY.AZ / Business

ICD to launch talks with potential investors of Baku FTZ

16 January 2017 [14:49] - TODAY.AZ

By Azernews


By Nigar Abbasova

The first meeting with potential investors interested in Baku Free Trade Zone (FTZ) will be held in February 2017.  A source in the financial market told Trend that the meeting will be held abroad, however exact date and place of the meeting have not yet been disclosed.

The source added that the Islamic Corporation for the Development of the Private Sector (ICD), Saudi Arabia-based Islamic Development Bank's private sector arm, will act as an organizer of the meeting.

This will be the first meeting on the attraction of potential investors to the FTZ.

The meeting is a result of a MoU signed between the Baku International Sea Trade Port and the ICD in December 2016 within the first International Investment Conference.

The main objective of the MoU is to study a potential capacity of the port and FTZ in Alat settlement, as well as the opportunities to attract private sector to the process of creating the FTZ.

The ICD became the second international organization, attracted to FTZ for consultations.

The Azerbaijani government and the group of companies DP World (Dubai Port World – one of the world's largest port operators) earlier signed an agreement to provide consulting services for the establishment of the FTZ. Applications from investors wishing to work in FTZ will be accepted starting from March 2017.

The FTZ is expected to become operational in the first half of 2017.  Measures on the creation of a free trade zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh district was inked by a presidential decree on March 17, 2016. The FTZ envisages the development of transportation and logistics industry, the pharmaceutical cluster, common database of oil supply facilities, as well as the areas of manufacturing, packaging, labeling and consolidation.

URL: http://www.today.az/news/business/157757.html

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