FTZ may start to operate in 1H2017 in Azerbaijan (UPDATE)
Details added (first version posted on 14:52)
Baku, Azerbaijan, Nov. 21
By Maksim Tsurkov – Trend:
The free trade zone (FTZ) in Azerbaijan may start to operate in the first half of 2017, Taleh Ziyadov, director general of the Baku International Sea Trade Port CJSC, told reporters Nov. 21 in Baku.
Industrial clusters, in particular, those ones that are specialized in various segments of the light industry, are planned to be created in the port, he said.
“Firstly, warehouses and clusters, ensuring the creation of value added products, will be created in the zone. At the next stage, it is envisaged to establish small industrial enterprises in the spheres of pharmaceuticals, petrochemicals, light industry,” noted Ziyadov. “It will help to attract big companies to establish distribution sales network not only in Azerbaijan, but also on regional scale.”
The director general noted that currently, a preparation is underway in order to form a legal regime for the FTZ’s creation.
“The zone’s draft legal regime and a feasibility study on what production will be carried out in its territory will be presented to the country’s government by the end of the year,” said Ziyadov. “Master plan of the free trade zone will also be finalized in January-February 2017.”
Azerbaijan’s President Ilham Aliyev signed a decree March 17, 2016, on measures to create a free trade zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh district.
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