TODAY.AZ / Business

AFEZ extends invitation to renewable energy sector

17 May 2024 [17:38] - TODAY.AZ
Nazrin Abdul

Valeh Alasgarov, extended a warm invitation to companies specialising in renewable energy equipment production, Azernews reports.

During the “Raising Ambition, Enabling Action: COP29 Sustainable Business Forum” in Baku, Chairman of the Board of the Alat Free Economic Zone, Valeh Alasgarov, emphasised AFEZ's openness to solar panel manufacturers, wind farm equipment producers, and other renewable energy component companies.

The attractiveness of AFEZ for potential investors was underscored with the announcement of a planned cargo airport opening in the first half of 2026. Initially, the airport's cargo terminals are set to handle 500 thousand tons of cargo annually, with future plans to triple this capacity to approximately 1.5 million tons per year.

Alasgarov highlighted AFEZ's strategic location, situated at the nexus of major transportation corridors, including the Middle Corridor and the International North-South Transport Corridor (INSTC).

In addition to its geographical advantages, the AFEZ boasts the implementation of green certificates and a preferential customs and tax regime. These initiatives are aimed at fostering a conducive environment for sustainable business practices and attracting investment.

The establishment and organisation of activities within the Alat Free Economic Zone were set in motion by President Ilham Aliyev's decree on May 22, 2020, further solidifying Azerbaijan's commitment to economic diversification and renewable energy development.


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