China, Azerbaijan to build free trade industrial park

Shenzhen Regional Economic Cooperation and Promotion Association signed a letter of intent with the Garadagh district government in Baku, capital ofAzerbaijan, on June 27 regarding the cooperation to build the China-Azerbaijan Free Trade Industrial Park.

Chen Zhiyong, chairman of the association, said the proposal on the industrial park aims to foster a new international cooperation platform. The proposal, which shows the spirit of peace, inclusiveness and win-win results, is in line with the common demands of countries along the Belt and Road routes, and creates opportunities for them to complement each other's advantages and seek mutual development.

The industrial park will be located in Baku's Garadagh district, and clusters industries of new energy, logistics, manufacturing, modern agriculture and financial services. The total investment will be more than US$700 million.

The association will be in charge of the planning, financing, construction and operation of the industrial park and the local government will be responsible for providing relevant supporting policy services.