The Alat Free Economic Zone (SEZ) and the Permanent Secretariat (PS) of the Intergovernmental Commission (IGC) TRACECA are considering the possibility of signing a Memorandum of Understanding and Cooperation, which will define key areas of joint work.
As reported by FinFly.News citing TRACECA, the discussions took place during a meeting between TRACECA Secretary General Jasurbek Choriev and Chairman of the Board of the Alat SEZ Management Valekh Aleskerov.
During the talks, the parties paid special attention to establishing practical cooperation and regular exchange of data on the types and nature of cargo traveling along the TRACECA route, which will increase transparency of cargo flows, more accurately assess the corridor's potential, and create favorable offers for investors, carriers, and cargo owners.
The Secretary General also presented TRACECA's initiatives to simplify transport procedures and promote multimodal transport within the Europe-Caucasus-Asia corridor. In particular, it was noted that TRACECA member countries are consistently working on the main provisions of the TRACECA Business Council, which is intended to become a platform for involving the private sector in implementing projects along the corridor route, as well as on the TRACECA Corporate Partnership Program.
Following the meeting, the parties confirmed the similarity of their approaches to developing the region's transport and logistics potential.
The Alat Free Economic Zone is located in close proximity to the Baku International Sea Trade Port, at the intersection of the East-West and North-South international transport corridors. The approved master plan covers 719 hectares; in total, about 6,500 hectares have been allocated for the Alat SEZ, with more than 1,000 hectares reserved for future expansion.
The zone operates a logistics center covering 5 hectares with an annual capacity of 500,000 tons of cargo transported by road, as well as access to railway infrastructure. Construction of a new international airport continues: cargo and business terminals are planned to be commissioned no later than the first quarter of 2027, with an initial capacity of 500,000 tons of cargo per year, subsequently increasing to 1.5 million tons per year.