Azerbaijan, Baku, Oct.17 / Trend, N.Ismayilova /
A grant agreement was signed for KOICA (Korea International Cooperation Agency) Project for 'Developing Special Economic Zones (SEZs) and Industrial Parks (IPs) in Azerbaijan' on Oct.14, 2011, the Agency said in its press release on Monday.
The agreement was by the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Azerbaijan, LEE, Ji Ha and the Minister of Economic Development, Shahin Mustafayev. Within the agreement, KOICA will provide the project budget which is $1,000,000 (one million US dollars) for the implementation of the project during 18 months.
The objectives of the project are to draw an improved policy and strategy for industrial location and industrial sites development and management conducive to encourage both domestic and foreign investment in Azerbaijan, as well as to revise the law on Special Economic Zones and Industrial Parks and develop further legal and regulatory framework for ensuring the efficiency and consistency of the policy implementation.
The project also aims at building institutional and human capacity to develop industrial location policy and establish new system and institutions of SEZs and IPs development and management.