Azerbaijan Parliament Discusses Bill on Free Economic Zones
Azerbaijan, Baku, 18 October /corr. Trend U.Ismaylova, I.Alizade / On 18 October Azerbaijan Parliament's Permanent Commission for Economic Policy discussed the bill on free economic zones (FEZ).
"There is great interest in Azerbaijan towards establishment of special economic zones, which will give a boost to the equal development of the economy and non-oil sector of the country," the head of the Parliamentary Commission Ziyad Samadzade said at the meeting.
The Deputy Minister of Economic Development of Azerbaijan, Mikail Jabbarov, said that many countries of Europe, Asia, as well as USA have special economic zones, and this provide an opportunity to them to develop leading spheres of economy, attract foreign investments and develop regions of the country.
The worldwide practice was used in devising the bill, Deputy Minister said.
"Azerbaijan takes an important position in the Caspian region and Caucasus, and therefore, there is big potential to establish such zones in the country," Jabbarov said.
The Deputy Minister said that the obligations of the government in establishing free economic zones are to create regime and direct infrastructure. The free economic zones will have their operators and administrations.
In FEZ, tax and customs privileges will be provided. The raw material being imported into the zone will be exempt from the customs duties. In general the FEZ will pay 2% of the turnover. Oil and gas, tobacco and alcoholic drinks will be banned to be brought to the zones.
The correspondent can be contacted at: [email protected]