Azerbaijani president: Central Asian companies interested in Alat Free Economic Zone

Azerbaijani President Ilham Aliyev has said that Central Asian companies are interested in the Alat Free Economic Zone established recently in Azerbaijan.

He made the remarks addressing the 5th Consultative Meeting of the Heads of State of Central Asia in Tajikistan, Azertag reports.

According to him, the growth of mutual trade and investments is one of the key factors of bilateral cooperation.

It is gratifying that the figures in both of those directions indicate consistent growth, the president added.

“Last year the trade turnover of Azerbaijan with the Central Asian countries increased more than 3 times. During 7 months of this year – for another 50 per cent. Joint investment funds have been established, and with over $1 billion of investments for the coming 3 years have been agreed. We are already implementing many projects in the sphere of industrial cooperation, machine-building, automobile industry, shipbuilding and agriculture, namely cotton production, sericulture, horticulture and livestock farming. Investment projects in the hotel business and tourism are at the initial stage of implementation. We see the interest of Central Asian companies in the Alat Free Economic Zone established recently in Azerbaijan,” the president underlined.

President Aliyev also highlighted that the Digital Silk Way project on the establishment of a fibre-optic infrastructure is the new cooperation sphere between the countries that we is being actively worked on.

Besides, according to him, Azerbaijan has the largest trade fleet in the Caspian Sea with over 50 vessels.

“Given the growing demand of the shippers from Central Asia, we are actively working on expanding the capabilities of our shipyard. Upon the completion of investment projects, the number of manufactured tankers and dry cargo vessels will be increased from the current 6 to 10-15 vessels annually,” the head of state emphasised.

Moreover, the Azerbaijani leader underlined that for the Central Asian countries Azerbaijan is a reliable transit country along the route to the markets of Türkiye and Europe.

“Not of the least significance is the transit in the opposite direction. Our brothers in Central Asia know that Azerbaijan’s entire transportation and logistics infrastructure is available to them,” the head of state added.

He also noted that Azerbaijan is modernising the Baku-Tbilisi-Kars railway to meet the rising demand for cargo transportation through the East-West route.

“The cargo volume via that road will be increased from 1 to 5 million tons. In parallel to that, the capacity of the Baku Trade Port is also being expanded from current 15 to 25 million tons,” the head of state noted.

Additionally, Ilham Aliyev stressed that Azerbaijan and the countries of Central Asia are bound by the centuries-long brotherhood ties of their peoples.

“Shared cultural roots are the solid foundation of interstate relations,” he said.

“For over 30 years, as independent states, we actively engage both in bilateral and multilateral formats. We support each other’s independence, sovereignty and territorial integrity, and actively develop economic ties. With growing economy, demographics and geopolitical potential Central Asia and Azerbaijan is a single historical and cultural geographic region of strategic significance in world politics,” President Ilham Aliyev emphasised.