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ICD to help attract investors to Azerbaijan’s free trade zone

Business Materials 8 December 2016 11:28
Baku International Sea Trade Port CJSC (Port of Baku) signed a Memorandum of Understanding (MOU) with the Islamic Corporation for the Development of the Private Sector (ICD).
ICD to help attract investors to Azerbaijan’s free trade zone

Baku, Azerbaijan, Dec. 8

By Azad Hasanli – Trend:

Baku International Sea Trade Port CJSC (Port of Baku) signed a Memorandum of Understanding (MOU) with the Islamic Corporation for the Development of the Private Sector (ICD).

The MOU was signed by Taleh Ziyadov, director general of the Port of Baku and Khaled Mohammed Al-Aboodi, CEO and general manager of the ICD within the first international investment conference in Baku Dec. 8.

One of the main purposes of the MOU is to study the potential opportunities in the Port of Baku and Alat Free Trade Zone (FTZ) and examine the possibility of involving private sector in their implementation.

The ICD will become the second international organization attracted for consultations within the project of creating the free trade zone. Earlier, in September 2016, the Azerbaijani government and Dubai Port World (DP World), one of the world’s major port operators, signed an agreement on provision of consulting services for the creation of the free trade zone in Alat settlement.

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.

Baku hosts an international conference on attracting investments in Azerbaijan. The conference is the first and biggest event in Azerbaijan that is aimed at attracting investments from Arabic countries.

Organizers of the event are the ICD, IDB Group Business Forum, Azerbaijan Investment Company (AIC) and Azerbaijan Export and Investment Promotion Foundation (AZPROMO). The conference is attended by more than 200 representatives and heads of state bodies, local and foreign companies from 24 countries.

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