Strategic talks unveil Alat Free Economic Zone's crucial role in strenghtening Azerbaijan

Prospects of the development of the Alat Free Economic Zone and the road map of activity of the Working Group created on FEZ were discussed.

The first meeting of the Working Group established on the Alat Free Economic Zone (FEZ) was held. Mikayil Jabbarov, Acting Minister of Economy of the Republic of Azerbaijan, Valeh Alasgarov, Chairman of the Board of the Authorised Structure of Alat Free Economic Zone and representatives of relevant structures took part in the meeting, Caliber.Az reports, citing the Ministry of Economy.

During the event, information was provided on reforms to diversify the non-oil economy, favourable business environment and measures to attract investments. The growing transit and logistics opportunities of Azerbaijan were emphasised, and in this context the importance of the Alat FEZ was noted. The main goal of the FEZ is to ensure the production of export-oriented products with high added value following the best management practices. Among the priority goals is to attract investors providing services with the use of innovative technologies, stimulate economic development by ensuring cooperation between foreign investors and local companies, and create new jobs.

Favourable conditions and offered incentives contribute to the growing interest of investors in the Alat FEZ. The economic zone will not only bring economic dividends to Azerbaijan but also strengthen its position in the region and increase the strategic importance of our country, which plays an important role in the international transport corridors East-West, North-South and Middle Corridor.

Prospects of the development of Alat FEZ and preparation of the roadmap on the activities of the Working Group were discussed at the meeting.