‘Development of trade hub in Baku to serve to regional economy growth’
By Trend:
The development of the trade hub in Baku will serve to the growth of not only Azerbaijani economy, but also regional economy, Director General of Baku International Sea Trade Port CJSC Taleh Ziyadov said.
Ziyadov made the remarks at the CAMCA (Central Asia-Mongolia-Caucasus-Afghanistan) regional forum in Baku June 22.
“In any trade route, the development of one sector entails the development of the other sectors,” he added.
"We created an effective trade hub model,” Ziyadov added. “We built a trade port, but realized that the port would not be so effective without a free trade zone. And we are creating free trade zones. We have already adopted the relevant legislation. This model is working. We offer our neighbors to take advantage of it."
The Port in Alat, which will become the biggest port on the Caspian Sea, is an important part of Azerbaijan's transport infrastructure. The first phase of construction of the Baku International Sea Trade Port in Alat settlement will be completed in May 2018.
After the first phase’s completion, the port’s capacity will be 15 million tons per year. The port’s capacity will be increased up to 25 million tons of cargo and 500,000 containers per year at the second stage, and up to one million containers per year – at the next stage.
The free economic zone is being created in Alat settlement upon the Azerbaijani president’s order signed in March 2016. The territory of the new Baku International Sea Trade Port is also included in the free economic zone.
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