Rédaction Africa Links 24 with MENA
Published on 2024-04-08 11:23:11
Prime Minister Mostafa Madbouly recently led a meeting with several ministers and officials to discuss the criteria developed by the General Authority for Investment and Free Zones (GAFI) for the establishment of new private free zones. The purpose of this meeting was to review and finalize the proposed criteria before presenting them to the cabinet for approval.
In his remarks, the prime minister emphasized the importance of having clear and well-defined standards for the establishment of new private free zones. It was agreed that any future requests to create such zones would need to adhere to the criteria that had been developed and agreed upon during this meeting.
During the meeting, GAFI’s CEO Hossam Heiba presented the proposed criteria, which aimed to select projects that would significantly contribute to the national economy. These criteria were based on decisions made by the Cabinet and GAFI’s Board of Directors regarding targeted industrial or service activities at the national level. This initiative was part of GAFI’s broader efforts to support investments, including the implementation of the Golden License.
The Golden License is a special initiative that allows investors to acquire or lease land and operate businesses without the need for additional government approvals. However, projects operating under the special free zones system must still meet specific criteria related to the nature of the project, workforce size, export ratio, reliance on local resources, technological utilization, and investment costs.
Following the presentation of the proposed criteria, discussions took place among the attending ministers and officials to ensure that there was a unified vision for these standards. It was crucial to have consensus among all parties involved before presenting the criteria to the cabinet for final approval.
The decisions made during this meeting were in line with President Abdel Fattah El-Sisi’s commitment to continue implementing economic reforms that focus on the localization of industry, expansion of the agricultural sector, increasing foreign direct investment, and supporting the private sector. By establishing clear criteria for the establishment of new private free zones, the government aims to attract investment projects that will have a positive impact on the national economy and support sustainable growth.
In conclusion, the meeting led by Prime Minister Mostafa Madbouly was a critical step in the process of developing standards for the establishment of new private free zones. By ensuring that all future projects adhere to these criteria, the government aims to enhance the business environment, attract investments, and promote economic development in Egypt.
Read Original article on Egypt Independent
