Rédaction Africa Links 24 with MENA
Published on 2024-02-03 10:11:43
Prime Minister Mostafa Madbouly emphasized on Thursday, February 1, 2024, the significant role that private free zones play in attracting direct foreign investments. He stressed that the government is committed to closely monitoring the performance indicators of these areas. Madbouly’s statement came during a meeting with Planning and Economic Development Minister Hala al-Saeed, Finance Minister Mohamed Maait, Executive President of the General Authority of Investment and Free Zones Hossam Haiba, Assistant Governor of the Central Bank of Egypt Mohamed Abu Moussa, and other senior officials.
During the meeting, Madbouly underscored the importance of establishing criteria to regulate the creation of private free zones. This, according to him, is essential to accurately evaluate the advantages offered to projects implemented in these areas.
In response, Haiba emphasized that the authority provides all the necessary tools, incentives, and guarantees to attract more projects to the private free zones. He also stated that the authority has taken several measures to develop projects in the private free zones to remain competitive on an international level. Haiba further mentioned that the authority has targeted value-added projects in sectors such as petrochemicals, carpets, textiles, electrical systems of cars, container stations, and programming domains.
In terms of progress, Haiba disclosed that 209 industrial and services projects have been completed in the private free zones as of the end of 2023, representing 18% of the total 1,162 projects implemented in free zones. Furthermore, these private free zones have generated 85,000 jobs, mainly in the industrial sector.
It is important to note that private free zones are intended for investment projects that require a specific location to be economically viable. They also enjoy the same benefits as public free zones, including exemption from customs tariffs and duties, sales tax, and other fees.
The meeting highlighted the commitment of the Egyptian government to foster an environment conducive to attracting and retaining foreign investment. Madbouly’s emphasis on monitoring the performance of private free zones and setting regulatory criteria demonstrates the government’s dedication to ensuring that these zones continue to serve as a driving force for the country’s economic development.
The government’s support for private free zones and its efforts to enhance their competitiveness on a global scale signal a forward-looking approach that aims to position Egypt as an attractive destination for foreign investors. By providing the necessary incentives, tools, and guarantees, the government and the General Authority of Investment and Free Zones are working to foster sustained economic growth and job creation in the country.
Read Original article on Egypt Independent
