BAKU, Azerbaijan, July 26.
Residents of Azerbaijan's Alat Free Economic Zone (AFEZ) must export at least 75 percent of their products to foreign markets, the Board Chairman of the AFEZ Authority, Valeh Alasgarov, told Trend.
According to him, thus, the creation of small companies in the FEZ, as well as companies with low-quality products, will be prevented.
"In order to achieve the highest performance both in production and in exports, we have created the best conditions for residents, in particular for payments from which entrepreneurs will be exempt. These include taxes, including VAT and payroll tax, duties, and customs duties," the official said. Thus, by releasing entrepreneurs from such payments, we'll reduce the cost of production, which in turn will allow us to introduce these goods to more markets and create greater competition, as well as increase Azerbaijan's foreign trade turnover."
"From this point of view, it's beneficial for local and international manufacturers to conduct business in the FEZ," he added.
On July 9, the opening ceremony of the first stage of the Alat Free Economic Zone took place. The total area of the AFEZ is 850 hectares. Construction has already begun, and a number of works have been carried out on the territory of 60 hectares, where work is being carried out within the first stage. The land plots that will be leased to investors are already ready for construction work.
In addition, inside the land plots with a total area of 297,000 square meters, there are connection points to water, sewage, electric, gas, and communication networks. There is also a ready-to-use internal and external engineering and communication infrastructure. Customs checkpoints and buildings for customs inspection have been built at the main entrance to the territory.