The biggest advantage of the Alat FEZ is its extraterritoriality and the presence of a legislative framework, the chairman of the board of the authorized body of the Alat FEZ, Valeh Alasgarov, said in an interview with Report.
“We have taken all measures to ensure that the Alat FEZ is attractive not only in Azerbaijan or neighboring countries but also in a wider geography. It is known that currently, the transport infrastructure is rapidly developing in Azerbaijan. But let's not forget that access to the sea is important for investors, but we don't have it. It is for this reason that the Alyat SEZ should have been more attractive. Of course, Alat FEZ offers such benefits as exemption from taxes and customs duties. But this factor alone cannot interest investors. Therefore, along with ready-to-use plots, it is important to have the necessary legislation. The Milli Majlis adopted the law 'On the Alat Free Economic Zone', which was approved by the President as the main law of Azerbaijan. It ensures the extraterritoriality of the economic zone, as well as its functioning, development and management,” he said.
Alasgarov noted that no government agency has the right to regulate the activities of the Alat FEZ, as well as legal entities, financial institutions and their employees registered here: “At the same time, other laws of the country cannot be applied in the FEZ, except for criminal laws and laws on combating the legalization of property acquired by criminal means and the financing of terrorism, including targeted financial sanctions. In order to avoid any contradictions between the legislation of the Alat FEZ and the general legislation of the country, appropriate changes and additions have been made to more than 90 laws to ensure the supremacy of the law on FEZ, and this process continues.”