Azerbaijan's Alat Free Economic Zone to attract renewable energy equipment manufacturers

Green Economy Materials 17 May 2024 16:11 (UTC +04:00)
Azerbaijan's Alat Free Economic Zone to attract renewable energy equipment manufacturers
Lada Yevgrashina
Lada Yevgrashina
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BAKU, Azerbaijan, May 17. The Alat Free Economic Zone (AFEZ) invites companies producing renewable energy-related equipment to organize enterprises in the AFEZ territory, Chairman of the Board of the zone Valeh Alasgarov said at the "Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum" event in Baku, Trend reports.

"We welcome solar panel manufacturers, wind farm equipment producers, and other renewable energy component companies to the AFEZ," Alasgarov stated.

He highlighted the attractiveness for prospective investors of the planned opening of a cargo airport in the first half of 2026.

Initially, the cargo terminals at this airport will handle 500,000 tons of cargo annually, with plans to increase to about 1.5 million tons per year.

"A key advantage of the AFEZ is its strategic location at the intersection of major transportation corridors, the Middle Corridor, and the International North-South Transport Corridor (INSTC)," he noted.

The chair also announced the implementation of green certificates within the free economic zone and highlighted the existence of a preferential customs and tax regime in the area.

To note, President of Azerbaijan Ilham Aliyev signed a decree on May 22, 2020, to establish and organize activities within the Alat Free Economic Zone in the Garadagh district of Baku.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

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