AFEZ is being planned and developed to play a central role in transforming this vision of Azerbaijan as a diversified, export-oriented, knowledge economy into reality.
AFEZ is being established next to Alat Port to intensify local and foreign investment in the country’s non-oil sector. AFEZ will use this strategic geographic location to provide a regional investment hub and boost competitiveness in the Europe-Caucasus-Asia and North-South transport corridors.
The ALAT Free Economic Zone in Baku, Azerbaijan, at approximately 8,500,000m2, is a massive industrial development designed to encourage trade in the area and foster an entrepreneurial mind-set in future generations.
Azerbaijan’s ongoing development of its non-oil sector is seen as crucial in ensuring future economic growth. The intention of this strategy is to move the economy from its traditional dependence on Oil/Gas and is embedded in the Government’s Vision 2020 document which highlights six main goals or objectives:
- Diversify the economy
- Modernise the Oil and Gas Industry
- Develop and Adopt Innovations
- Increase Quality of Human Development
- Protect the Environment
- Ensure WTO Entry
One major pillar to diversify and stimulate economic growth will be the attraction and development of new value-added and manufacturing activities including Foreign Direct Investment(FDI). The focus is to be primarily on export orientated activity, with real added value in the local economy with a spin off in terms of jobs and wealth creation.