Egypt eyes creating new free zones: Nasr

CAIRO – 3 November 2017: The Board of Directors of the General Authority for Investment and Free Zones (GAFI) headed by Minister of Investment and International Cooperation Sahar Nasr held their fourth meeting to discuss ways to expand industrial free zones in Egypt.

The minister addressed the board remarking that Egypt hasn’t constructed a new free zone since 2012, stressing that constructing new free zones would improve the investment climate of the country as it ensures the free movement and trade of goods; thus establishing Egypt’s reputation as a great business hub.

The Council discussed the development of the sewage and industrial treatment plant in Alexandria’s Free Zone.

The meeting was attended by Mona Zoba, executive director of GAFI, and a number of GAFI’s board members.

During the first board meeting to be held after the issuance of the new investment law, Nasr underscored the significance of finalizing Egypt’s comprehensive investment map.

The map encompasses all potential investment opportunities including the ones available in the sectors of industry, agriculture, housing and tourism, along with the opportunities also available in the Suez Canal Development Center.

Nasr thanked the Ministry of Finance for its role in providing the services of the digital signature and the Ministry of Justice for increasing the number of employees working in the ministry’s real estate publicity department, specifically in the investors’ services center, who facilitate the administrative procedures for the investors.

Regarding the Doing Business report, Nasr said that given its release in May, the report didn’t include the efforts recently made by Egypt in the field of investment such as the issuance of the new investment law. Nasr further added that the report praised the efforts undertaken in protecting minority investors and the promotion of minority shareholders' rights and their role in the country; adding that Egypt ranks 81st in the said field.