Valeh Alasgarov: Alat Free Economic Zone to become regional logistics hub

The Alat Free Economic Zone (AFEZ) of Azerbaijan is emerging as a regional logistics hub with its own cargo airport, Valeh Alasgarov, Chairman of the Board of the AFEZ, stated at the 20th Global Forum on Islamic Finance held within the annual meeting of the Islamic Development Bank (IsDB) Group in Baku, Report informs.

"Priority is given to export-oriented industries with high added value. Residents of the zone are required to export at least 75% of their production. The main goal of this approach is to avoid unequal competition between zone residents and enterprises operating in the country," Alasgarov said.

He also emphasized that the zone is located at the intersection of East–West and North–South transport corridors, near the Baku International Sea Trade Port: "Construction of a cargo airport has already begun in the zone, and it is planned to be commissioned next year."