Azerbaijan finishes preparation of legal base for its FTZ

Baku, Azerbaijan, Dec. 16

By Maksim Tsurkov – Trend:

Azerbaijan completes work on the preparation of the legal base for a free trade zone (FTZ) to be created in Baku International Sea Trade Port, the port’s Director General Taleh Ziyadov told reporters Dec. 16 in Baku.

“The proposals on the legal regime will soon be presented to the government. At the same time, the work continues on the preparation of the feasibility study that will also be completed by the end of 2016. I suppose it will be discussed at the forthcoming session of the parliament,” he said.

Ziyadov also touched upon competition noting that this is a normal process.

"In the past, large cities located on the Great Silk Road competed with one another. However, each city has its own specific feature. I believe that this will give impetus to the development of cargo transportation in the region. The right policy pursued by Azerbaijan will turn Baku into the main hub of the region," he added.

Azerbaijan’s President Ilham Aliyev signed a decree March 17, 2016, on measures to create a free trade zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh District.