Egypt moves closer to set up 11 free zones to boost economy

Egypt is set to establish 11 free zones across different newly-built cities across the country to boost industrialization and attract foreign investments.

The country’s prime minister Mostafa Madbouly, chaired a special meeting to review progress on the plan and allocate land for the free zones to enhance exports.

These free zones would be roughly 150 acres each in cities like New Obour, New October, New Alamein, and specific cities in Upper Egypt, among others.

The meeting, which was also attended by Egypt’s Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar, focused on the state’s support and eagerness to attract new investments.

The Egyptian premier underlined that the main goal is to quickly provide ready industrial land, specifically for projects that export their products abroad.

When discussing duties and revenue sharing, the New Urban Communities Authority and the General Authority for Investment and Free Zones were underscored as a distinct partnership.

Madbouly highlighted that there are specific criteria for establishing public free zones, foremost of which is attracting foreign direct investment, and that the volume of investment should be large, with the primary goal of these areas being to export and deepen the national industry.

During the meeting, El-Gazzar presented the inventory status prepared for the proposed locations for establishing the 11 industrial zones. He discussed the planning and construction requirements, as well as the status of connecting facilities for each area.

El-Gazzar said: “We are ready to start implementing this mandate, according to the partnership system that is agreed upon with the GAFI.”

Madbouly instructed GAFI to examine these prospective areas as soon as possible and to make efforts to attract significant foreign investment and important corporations, provided that this is done according to criteria that “achieve our objectives.”

Hossam Heiba, CEO of GAFI, who also attended the meeting, emphasized the value of free zones in drawing in foreign investment to boost exports.

GAFI’s CEO confirmed that a cooperation protocol will be agreed upon between GAFI and the New Urban Communities Authority in this regard.