ICD to start working on first project within FTZ in Azerbaijan
Baku, Azerbaijan, Sept. 13
By Azad Hasanli – Trend:
In the near future, the Islamic Corporation for the Development of the Private Sector (ICD) and the Baku International Sea Trade Port will sign an agreement to develop feasibility study to create a warehouse complex in the Free Trade Zone (FTZ) in Azerbaijan’s Alat settlement, a source in the country’s financial market told Trend Sept. 13.
Strategic goods, such as grain, soybeans and others, will be stored in the complex, according to the source.
“The results of the feasibility study will show whether such a complex is necessary on the territory of the FTZ,” the source said. “The studies can last from one month to six months.”
On December 8, 2016, Baku International Sea Trade Port 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 and Alat 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.
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 settlement of Baku’s Garadagh district.