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| Dr. Sahar Nasr |
Eco – Fady Labib : The Minister of Investment and
International Cooperation Dr. Sahar Nasr emphasized that total investments of
GAFI's free zones reached up to USD 26 billion until the end of last July ...
given that the number of projects working in current zones amounted to 1093
projects, including 889 ones in public free zones and 204 in private free
zones. She pointed out that the capital of such projects reached USD 11.3
billion, in addition to foreign direct investments (FDI) worth USD 1.2 billion.
Such projects, as stated by Dr. Nasr, contributed to providing 192.5 thousand
job opportunities, adding that merchandise exports reached approximately USD
4.9 billion and service exports exceeded USD 4 billion.
Moreover, the Minister mentioned that several
developments were made in the public free zones of Suez, Ismailia and
Alexandria as well as the Media Public Free Zone, noting that the public free
zones of Nasr City, Alexandria, Port Said, Qeft, Suez and Shebin El-Kom were
under development and new public free zones would be established in Nuweiba and
Minia. According to Dr. Nasr, establishing a free zone in Nuweiba came within
the framework of Sinai integrated development plan, while Minia would be dedicated
to textile industries. The Minister added that such developments were in line
with the recent legislative reforms to improve the investment environment so as
to provide investors with better services.
Investment opportunities in free zones were promoted
through Egypt's investment map that includes investment opportunities for all
ministries and bodies nationwide, the Minister explained.
In addition, Dr. Nasr indicated that the government
was keen on injecting investments in zones that need economic growth, including
Sinai and Upper Egypt. She also pointed out that branches of the Investor
Service Center (ISC) were being established in Qena, Minia, Fayoum, Ismailia,
Sharm El-Sheikh, El-Wadi El-Gedid, Luxor and Hurghada, besides establishing
investment zones in Benha, Meet Ghamr and Al-Saf. She clarified that the total
number of companies incorporated at investor service centers from 22 February
to the end of August 2018 reached up to 10339 companies with issued capital
worth EGP 30.6 billion.
It is worth noting that existing free zones are
Alexandria Public Free Zone, Port Said Public Free Zone, Ismailia Public Free
Zone, Media Public Free Zone, Nasr City Public Free Zone, Suez Public Free
Zone, Shebin El- Kom Public Free Zone, and Qeft Public Free Zone. Such free
zones cover a total area of approximately 2.6 thousand feddans. The total area
allocated to investment in free zones is worth about 1.7 thousand feddan, and
the total area handed over for investment in free zones is worth 1.5 thousand
feddan.
Partnership Agreement Signed with IFC to Support Emerging Companies, Strengthen Entrepreneurship in Africa
Partnership Agreement Signed with IFC to Support Emerging Companies, Strengthen Entrepreneurship in Africa
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