BAKU, Azerbaijan, September 21. Prospects for cooperation between the Islamic Development Bank (IsDB) and the Alat Free Economic Zone (AFEZ) have been discussed.
This was announced in a statement published by the Alat Free Economic Zone (AFEZ)
According to AFEZ, a delegation from the Islamic Development Bank visited the Alat Free Economic Zone.
During the meeting, AFEZ Board Chairman Valeh Alesgerov gave a detailed presentation on the strategic role of the zone, describing it as an important industrial, logistics and investment hub in the region.
The delegation was briefed on large-scale infrastructure works being carried out in the zone, including the development of transport links and the establishment of utility networks, engineering systems and modern industrial facilities.
During the visit, the sides exchanged views on prospects for future cooperation. Both sides stressed the importance of strengthening cooperation and exploring mutually beneficial opportunities to promote sustainable economic development and attract long-term investment.
One of the main areas of AFEZ's activity is creating a business environment tailored to investors' needs for the establishment and development of export-oriented manufacturing facilities that generate high added value. The zone's operating concept provides for fiscal and non-fiscal incentives for investors, modern infrastructure, and a separate legal and regulatory framework.
AFEZ's objectives include contributing to the development of Azerbaijan's knowledge- and innovation-based, internationally competitive and diversified economy. In this context, expanding high-value-added, export-oriented production and increasing access to modern energy, transport and logistics infrastructure are among the priorities.
Moreover, AFEZ aims to expand the use of new business approaches and technologies by local businesses, support the development of innovative enterprises and create added value in the economy.
The meeting discussed the aforementioned areas in the context of identifying potential areas for future cooperation between the Islamic Development Bank (IsDB) and AFEZ.
