BAKU, Azerbaijan, December 22. Construction of an airport for cargo transportation has started in Azerbaijan's Alat Free Economic Zone (AFEZ), Head of AFEZ Valeh Alasgarov told Trend.
According to him, the first phase of its operation will be launched in early 2025 and the airport will be able to receive/send 500,000 tons of cargo per year.
"Upon completion of the second phase in 2026, the transshipment capacity will total 1.5 million tons of cargo," Alasgarov said.
He mentioned that the creation of such a specialized airport is financed by private companies that are interested in the development of the AFEZ.
Alasgarov did not name the volume of investments made by the companies.
Azerbaijani President Ilham Aliyev signed a decree on May 22, 2020 on the establishment and organization of activities of the Alat Free Economic Zone on the territory of Garadagh district of Baku.
The FEZ started its activity from July 2022, in accordance with the law "On Alat Free Economic Zone".
The creation of AFEZ is aimed at increasing local and foreign investment in Azerbaijan's non-oil sector. The legislation exempts foreign specialized personnel in the FEZ from income tax, social insurance payments and other similar taxes and fees.
Companies in FEZs are exempt from any customs duties and taxes, including VAT on the export of any products and services abroad.