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Port of Baku and ICD emerging efforts to bring more investors to Alat Free Trade Zone

Port of Baku and ICD emerging efforts to bring more investors to Alat Free Trade Zone

Dec 8, 2016

“Baku International Sea Trade Port” CJSC (Port of Baku) signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development (ICD) of the Private Sector.
The MoU was signed by the Director-General of the Port of Baku, Dr. Taleh Ziyadov and CEO & General Manager of ICD, Khaled Mohammed Al-Aboodi.
One of the main purposes of MOU is to study the potential opportunities in the Port of Baku and Alat Free Trade Zone (FTZ) and examine the possibility of involving private sector players in their realization.
“The Port of Baku and the FTZ that is being created around it will serve as a logistics hub for global private companies that seek to establish regional headquarters in Eurasia. A favorable business environment and the proximity of Azerbaijan to rich and populous neighboring markets of Russia, Iran, Turkey and Central Asian countries make the Port of Baku an ideal choice for potential foreign investors,” noted Ziyadov.
The CEO of the ICD, Khaled Mohammed Al Aboodi stated that, “in cooperation with the Port of Baku we will strengthen mutual efforts to attract potential investors and consider the possibility of involving global private sector players from the ICD member countries in the Port of Baku and FTZ in Alat.”
On March 17, 2016, President Ilham Aliyev signed a Decree on the measures to establish an FTZ in and around the new port in the Alat township of Baku, 70 km south of the downtown. On September 7, the Azerbaijani Government and the Port of Baku signed an advisory agreement with “DP World” of the United Arab Emirates on providing consulting services for the establishment of a free trade zone in Alat. The FTZ is expected to start its operations in 2017. 

 


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