Azerbaijani holding inks memorandum with Alat Free Economic Zone

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A Memorandum of Understanding on Strategic Cooperation was signed between the STP Group of Companies and Alat Free Economic Zone.

According to Report, the signing ceremony took place at the Rebuild Karabakh exhibition.

The purpose of the memorandum is to develop economic relations between the two institutions, as well as cooperation for the mutual exchange of knowledge, information, and experience. In addition, it provides for joint activities of institutions to promote each other’s actions and attract investment in their activities. The memorandum was inked by the General Director of STP Group of Companies Ruslan Aghabeyli and Chairman of the Board of the authorized body of the Alat Free Economic Zone Valeh Alasgarov.

The MoU includes clauses covering “Mutual support for investment”, “Organization of necessary coordination during business trips”, “Exchange of knowledge, information, and experience,” and other provisions.

Alat Free Economic Zone is a project to encourage local and foreign investment in the country’s non-oil sector. This strategic geographical location will provide a regional investment center and increase competitiveness in the Europe-Caucasus-Asia and North-South transport corridors.

STP Group of Companies is the first technopark in the region with more than 30 production areas of cables, electrical equipment, aluminum and copper profiles, sandwich panels, polymer pipes, precision machining, welding, heavy engineering, hot-dip galvanizing, sanding and painting, metallurgy and industrial gases. The high-quality products and services offered by the company are aimed at reducing imports in areas such as oil and gas, energy, construction, and agriculture.