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Azerbaijani Embassy touts opportunities in Alat Free Economic Zone

Published: 01 May. 2025, 18:43

LEE SOO-JUNG
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Azerbaijani Ambassador to Korea Ramin Hasanov speaks during a networking session to promote Alat Free Economic Zone in his country on April 30 in central Seoul. [LEE SOO-JUNG]

The Embassy of Azerbaijan hosted a networking session to promote the Alat Free Economic Zone among Korean businesspeople and investors in central Seoul on Wednesday evening.

The free economic zone, located in the vicinity of Azerbaijan’s capital city of Baku, shares a border with the Caspian Sea. The government of Azerbaijan aims to make the zone a regional trade hub in the South Caucasus region. The free economic zone spans nearly 16,061 acres — equivalent to 8,441 football pitches.

In May 2017, the Azerbaijani government declared the establishment of the zone to bolster the non-oil sectors of its economy and to upgrade its modern transport and logistical infrastructure.

Azerbaijani Ambassador to Seoul Ramin Hasanov said the free economic zone will offer “a myriad of commercial advantages” to Korean manufacturers and investors in terms of logistics, production and business services such as one-stop licensing services and no restriction on foreign ownership.

Businesses operating in the free economic zone will be exempted from paying corporate tax, value-added tax, property tax, customs duties and taxes and personal income tax. Along with the up-and-running Baku International Sea Trade Port, its cargo airport will start its operation next year.

With the bilateral trade volume, which stood at nearly $400 million last year, Hasanov added that the Joint Commission on Economic Cooperation between the two nations is striving to expand opportunities through government-to-government, government-to-business and business-to-business contacts and channels.

The ambassador noted that Korean business entities’ activities in Azerbaijan would be protected as legal treaties prevent double taxation and guarantee investor protection. More than 80 Korean companies are currently operating in Azerbaijan, according to the embassy.

Valeh Alasgarov, chairman of the board of the Alat Free Economic Zone Authority, added that authorities will entice export-oriented manufacturers whose businesses utilize innovative technologies and conform to international standards.

BY LEE SOO-JUNG [[email protected]]