ICD to help develop feasibility study for FTZ project in Azerbaijan
Baku, Azerbaijan, June 15
By Azad Hasanli – Trend:
The Islamic Corporation for the Development of the Private Sector (ICD) and the Baku International Sea Trade Port will develop a feasibility study to create a warehouse complex in the Free Trade Zone (FTZ) in the Alat settlement, a source in Azerbaijan’s financial market told Trend June 15.
According to the source, this complex is needed for the storage of strategic goods, such as grain, soybean and others. Meanwhile, it hasn’t been specified when the feasibility study will begin.
“The issue was discussed during the meeting of the port’s management with representatives of the ICD. The parties discussed the activities that have been carried out since the start of work on the creation of a free trade zone, as well as a plan for future activities,” said the source.
On December 8, 2016, Baku International Sea Trade Port CJSC (Port of Baku) signed a Memorandum of Understanding (MOU) with the ICD during the first international investment conference in Baku in order 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 is the second international organization attracted for consultations within the project of creating the FTZ. 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 FTZ 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.