BAKU, Azerbaijan, August 1. "Negotiations are underway to attract investors to the Alat Free Economic Zone (FEZ)", Chairman of the Board of the Alat FEZ Valeh Aleskerov told TurkicWorld.
According to him, four foreign investors have already received the status of residents.
"They have already begun the process of building their business. One of the residents is anticipated to finish the design work within the following two to three months. In parallel, talks to bring other businesses to our economic zone are in progress, he added.
Aleskerov emphasized that the first stage of building on a 60-hectare plot of land had already been finished in accordance with the FEZ's overall plan.
"We're discussing building the infrastructure required for communications, as well as the water, roads, sewage, energy, and other necessities for conducting business. Both State Customs Committee entities and FEZ staff have offices now", he stated.
Also, according to Aleskerov, work continues on optimizing the legal framework, which will be the most attractive for investors and businessmen, both local and international.
Residents of the Alat FEZ must export at least 75 percent of their products to foreign markets, and thus the creation of small companies in the FEZ, as well as companies with low-quality products, will be prevented.
"In order to achieve the highest indicators in both production and export, we have created the best conditions for residents; in particular, this concerns payments from which entrepreneurs will be exempt. This includes taxes, VAT, payroll tax, duties, and customs duties," Aleskerov added.
"Thus, by exempting entrepreneurs from such payments, we will reduce the cost of production, which will allow us to enter more markets with this product and make greater competition, as well as increase Azerbaijan's foreign trade turnover. From this point of view, it is beneficial for local and international producers to conduct business in the FEZ," he said.
The opening ceremony of the first stage of the Alat Free Economic Zone was held on July 9. The total area of the Alat FEZ is 850 hectares. On the territory of 60 hectares, where work is being carried out within the first stage, construction has already begun and a number of works have been completed.
The land plots that will be leased to investors are already ready for construction work. Inside the land plots with a total area of 297,000 square meters, there are connection points to water, sewer, electric, gas, and communication networks.
There is also a ready-to-use internal and external engineering and communication infrastructure. Customs checkpoints and premises for customs inspection have been built at the main entrance to the territory.
