By Diplomacy Journal Lee Kap-soo
“Azerbaijan is intensively investing in advancement of Alat Free Economic Zone. Alat Free Economic Zone with its multiple advantages for the investors is a unique opportunity for Korean companies and investors willing to engage with our region,” said Ambassador Ramin Hasanov of the Republic of Azerbaijan to South Korea on April 30.
Delivering welcoming remarks at an event entitled, “Alat Free Economic Zone: unlocking potential for Korean manufacturing companies,” Ambassador Hasanov said, “Its central location and proximity to large production and export centers and hubs, including Baku International Sea Trade Port, is another advantage.”
More than 100 guests, including Ambassador Kwon Ki-Chang, Korea Importers Association Executive Vice Chairman, Ambassador Chang Jae-bok, CityNet Secretariat CEO, and other Korean business leaders, attended the event held at Ambassador Seoul Pullman Hotel in downtown Seoul.
Noting that Alat Free Economic Zone will feature a new airport designed to operate entirely on a green concept, with the first phase of construction expected to conclude by 2026, Amb. Hasanov said, “Korean investors are welcome to explore a myriad of commercial advantages provided by Alat Free Economic Zone.”
He also mentioned, “Moreover, industrial, agri and techno-parks, as well as industrial districts established in Azerbaijan, being the most appropriate sites for the investment in the region, offer multitude of favorable business conditions. In this respect, we invite Korean businesses to benefit from commercial opportunities offered at Azerbaijan’s economic clusters.
“At the same time, Trans-Caspian East-West Middle Corridor is emerging as a viable and economically-beneficial alternative for traditional routes connecting Turkey to Central Asia and China via the Caucasus and the Caspian Sea. Baku-Tbilisi-Kars railway linkage is the strategic component of the Middle Corridor. We invite Korean transit operators, freight-forwarding and logistics companies to benefit from the economic advantages provided by Middle Corridor.”
Meanwhile, Valeh Alasgarov, chairman of Alat Free Economic Zone Authority, said, “Azerbaijan is building new cities and towns from scratch by applying green technologies, implementing smart city, smart village and smart farm concepts, modern urban planning, utilizing intelligent systems. Azerbaijan aims to transform its liberated territories to net zero emission area by 2050 through establishing green energy zones.”
He also said, “Azerbaijan’s liberated territories encompass enormous number of project opportunities and investment possibilities. Korea is one of the few countries worldwide that has been invited at the highest level to participate in the restoration and reconstruction works conducted in our liberated territories. Therefore, Korean investors are welcome to invest to the promising projects in Garabagh and East Zangazur economic regions of Azerbaijan.”
He added, “Azerbaijan and Korea enjoy full-fledged and multidimensional cooperation. High-level relations between Azerbaijan and Korea are active and unique in the South Caucasus region, and the directions and mechanisms, the scope and content of our bilateral cooperation are rich in their essence. Both countries strive for deepening our relations in broad range of realms, encompassing particularly political dialogue and economic cooperation.”
