Baku FTZ up and running by year end

Baku’s free trade zone (FTZ) will begin operating by the end of the year, the director general of the Baku International Sea Trade Port confirmed yesterday. Speaking at the Turkic Council meeting in the Azeri capital yesterday, Taleh Ziyadov said that the FTZ at Alyat would contribute to the development of the Silk Road by increasing Azerbaijan’s competitiveness and adding value to goods.

“If a cargo container is sent to Europe, for instance, our concept is to process the cargo in the FTZ in Alyat and create additional value before selling it on,” he said. “In short, the Azerbaijani concept of the Silk Road is more innovative and aims to create added value in the non-oil sector.” 
A decree sanctioning the creation of a special economic area at Baku International Sea Trade Port in the Alyat township of Baku’s Garadagh District was signed by President Ilham Aliyev in March last year. The new Free Trade Zone is expected to play a pivotal role in international multimodal transportation and the Eurasian supply chain via Azerbaijan, with the port acting as a major logistics hub in the Caspian region, serving both European and Asian markets, as well as being part of an extensive international logistics net­work linking Europe and Asia.
The new zone will include parking for trucks, international logistics and domestic logistics centre and will link in to the country’s North-South and the East-West railway lines.

Source: News.AZ