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Authority to be created for management of Alat free trade zone


Details of draft law on Alat free trade zone were revealed.

 

APA-Economics reports that the draft law contains 5 chapters, 30 articles.

 

In the law, it’s offered to create a Free Zone authority. The authority will regulate and control activity of residents, legal entities and administrative enterprises of the Free Zone. Moreover, the authority will regulate and control the territory of the Free Zone, property and assets, any issues on strategic goals.   

 

 

The authority will compile internal rules for the Free Zone. It will have right to establish administrative enterprises, finance, empower and control them. The authority may sell its shares and make any decision about them.   

 

According to the draft law, Management Board will be formed for management of the authority.

 

The authority will get revenues from payments, duties, dividends from developers and other legal entities, and any sources provided by the state.

 

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