New stage of economic development: Alat Free Economic Zone (ANALYTICS)

Azerbaijan has established several free economic zones (FEZs) to attract foreign investment, stimulate economic growth, and promote international trade. These zones offer various incentives and benefits to businesses operating within their boundaries. Free Economic Zones play a crucial role in economic development by attracting foreign investment, promoting industrial growth, and facilitating international trade.

One of these FEZs is the Alat Free Economic Zone.  The decision to establish the Alat Free Economic Zone was adopted in 2017, and the relevant law was sanctioned in 2018. Despite the great economic and financial difficulties caused by the coronavirus pandemic across the globe, the foundation of the ultra-modern economic zone was laid with the participation of the President of the Republic of Azerbaijan Ilham Aliyev on July 1, 2021.

The first stage of the Alat Free Economic Zone on the Caspian Sea littoral territory of Azerbaijan opened early June 2023. President Ilham Aliyev participated in the opening ceremony.

The Alat Free Economic Zone occupies a total area of 850 hectares. The construction work started on the 60-hectare area (Zone 1, Stage 1), which is the initial development stage of the Free Economic Zone. The major project is a cutting-edge business center, which will include offices of the economic zone authorities, a single-window services center, as well as offices for investors and customs employees.

Alat FEZ is a significant industrial and logistics hub located near the town of Alat in Azerbaijan. It was established to promote trade, manufacturing, and investment in the country.

Alat FEZ offers a range of incentives and benefits to businesses. Companies operating within the Alat FEZ are eligible for various tax benefits, including exemptions from profit tax, land tax, and property tax. This provides significant cost advantages for businesses.

The mentioned FEZ offers modern infrastructure, including roads, power supply, water, and sewage systems. It is well-connected to major transportation networks, such as railways, ports, and highways, enhancing accessibility and logistical efficiency.

FEZ offers modern infrastructure, including roads, power supply, water, and sewage systems. It is well-connected to major transportation networks, such as railways, ports, and highways, enhancing accessibility and logistical efficiency.

Alat FEZ provides comprehensive support services to businesses, including assistance in obtaining permits and licenses, access to financial services, and technical support.

Overall, the Alat Free Economic Zone serves as a catalyst for economic diversification, attracting foreign investment, facilitating trade, and driving infrastructure development.

Analytic group of News.Az

The article focuses on the Promotion of free enterprise and liberal economy

The article was published with the support of the Media Development Agency of the Republic of Azerbaijan (MEDIA)


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