Azerbaijan continues expanding Alat Free Economic Zone

There are plans to expand the Alat Free Economic Zone (FEZ), at which, the construction work is expected to be completed in July 2022.

The comments were made by the Chairman of the Board of the Alat Free Economic Zone (FEZ), Valeh Alasgarov, at the EU-Azerbaijan Business Forum in Baku on May 17, according to Report.

“Alat FEZ is important in terms of creating a competitive environment and attracting companies. Our goal is to create the best conditions for business investment in Azerbaijan,” Alasgarov said.

The chairman also noted the investment opportunities of the Alat Free Economic Zone.

According to him, among the advantages of this zone are exemption from value-added tax, as well as from customs duties and taxes when importing into and exporting from the free zone, the absence of personal income tax for local individuals, social security payments, and other similar taxes and payments for foreign qualified personnel.

Alasgarov added that the best business environment for the FEZ residents and the expansion and development of their business in the future will be created in the Alat FEZ.