Free Zone exports hit $14.7B in 1st 9 months of 2018: Minister

CAIRO – 28 October 2018: Free Zones recorded exports of $14.7 billion during the first nine months of 2018, marking an increase of $1.1 billion compared to the same period of 2017, according to Minister of Investment Sahar Nasr.

Nasr clarified that the commodity exports hit $8.3 billion, while service exports reached $6.4 billion.

The minister noted that the projects working in the free zones recorded 1102 projects; 898 projects of them are in the public free zone, and 204 projects are in the private zones, adding that the capital of these projects is worth $11.4 billion, in addition to foreign direct investment amounting to $2.15 billion.

The minister stated that these projects provided 200,000 job opportunities, stressing on the cooperation between the Ministry of Investment and Ministry of Trade and Industry to facilitate investors' work in the free zones.

She added that the Ministry of Investment is currently working on establishing seven free zones in the governorates of Minya, South Sinai, New Ismailia, Giza and Dakahlia, as well as Aswan and Kafr El-Sheikh.

The new free zones are expected to include more than 1000 projects and provide 120,000 job opportunities, Nasr stated.

The Ministry of Investment is also working on the establishment of 12 new investment zones in Benha, Dakahlia, Qalyubia, Giza, Damietta, Sharqia and Cairo, in addition to Suez, Ismailia, North Sinai and Aswan.

Nasr added that the new investment zones will include about 8,000 projects and will provide 100,000 job opportunities.

The free zones that are currently working in Egypt are the 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-Koum Public Free Zone, and Public Free Zone of Keft.

The total area of free zones is about 2,600 feddans. The total area allocated for investment in free zones is about 1,700 feddans.

Earlier in September, Nasr stated that total investments of free trade zones managed by the General Authority for Investment & Free Zones (GAFI) hit $26 billion by the end of July.

She added that the combined capital of projects in the free zones reached $11.3 billion in addition to $2.1 billion foreign direct investments, noting that the projects created about 192,000 jobs.

Free Zones are one of the distinguished investment patterns where investors can establish, set up and start their own projects under the umbrella of the state system according to the provisions of Incentives and Securities of Investment Law No. 8 of 1997, its executive regulation and their modifications.