The government is expanding its free zones to support exports, of which 7 are new
The government is seeking to expand significantly in public free zones for several purposes, including deepening domestic industry, increasing exports and saving hundreds of thousands of jobs.
The government's plan is to establish free zones close to ports and border areas to encourage investment. The government announced the establishment of seven new free zones in the provinces in order to attract more investors and increase exports and productivity.
The plan, which is implemented by the Ministry of Investment and International Cooperation, includes the establishment of free zones in Minya, South Sinai, New Ismailia and craftsmen in Giza, Gamasa in Dakahlia, Aswan and Kafr El Sheikh. The seven regions are expected to include more than 1,000 projects.
The Ministry of Investment confirmed that the number of projects in the existing free zones reached 995 areas, exceeded 1095 projects with capitals of 12.5 billion dollars, in addition to 2.15 billion dollars in direct foreign investment and investment cost of 26.3 billion dollars. Thousand jobs, noting that exports during the first four months of 2019 about 6 billion dollars.
The most prominent of which is the free zone in Nasr City currently 211 projects with capital of 3.5 billion dollars, investment costs of 6.8 billion dollars and foreign direct investment of 442 million dollars, and provides about 72.5 thousand jobs.
The Ministry of Investment also focuses on the development of free zones and infrastructure and processing them according to the latest international systems to contribute to facilitating the system of work and shortening the time and procedures to facilitate the work of investors, especially that the public and private free zones play an important role in supporting the Egyptian economy, New markets for branded products in Egypt.
The exports of free zones in the period from the first of July 2018 to the end of February 2019 about 7 billion dollars, while in the last fiscal year achieved exports of 10.5 billion dollars.
According to official data, free zone exports reached 831 million dollars in July 2018. Exports reached 1.23 billion dollars in August, 1.16 billion dollars in September and 748.73 in October, It reached 818.4 million dollars in November and reached 728.3 million dollars in December.
He added that exports reached about 707 million dollars in January 2019 and amounted to 558 million dollars in February, pointing to the development witnessed in the free zones under the guidance of Dr. Sahar Nasr, Minister of Investment and International Cooperation.
In order to activate the existing projects in the free zones, the Executive Chairman of the General Authority for Investment and Free Zones (GAFI), Mohsen Adel, issued several resolutions, the most prominent of which is a decision concerning the controls between advanced projects to obtain land or buildings within public free zones. , In the framework of the implementation of the decision of Dr. Sahar Nasr, Minister of Investment and International Cooperation, the issuance of the regulation of the system of free zones management.
According to the first decision, there will be a trade-off between advanced land and building projects according to a number of evaluation elements: the legal form of the company, capital, investment costs, technology used, employment opportunities, target export rates, project purpose and location of expansion.
The decision stipulated the project's commitment not to make any amendments to the data contained in the application for the establishment or expansion of the project, on the basis of which the trade-off was made during the first two years from the date of approval of the allocation.
The administrations of the regions will continuously update the areas available for investment and inform investors of the waiting list so that they can apply for land or buildings within a maximum period of 15 days from the date of reporting. The announcement of these areas and investment opportunities is also posted on the Authority's website and investors' .
The decision also stipulates that renewing the duration of licenses for practicing projects (industrial, storage, service) for periods similar to the original duration of the project through evaluating a number of elements, namely: practicing the activity in a serious and regular manner, Compliance with the export rates of the project and adherence to financial and regulatory aspects such as the presentation of financial statements, supplementary clarifications, analytical data, letter of guarantee, payment of dues, submission of insurance documents, annual inventory, size of insured employment, And the completion of construction, and not to commit offenses.
Among the work being carried out is mechanization of free zones, in accordance with the highest international standards and standards, within the framework of facilitating investors, which provides a lot of time and effort and the speed of termination of procedures in an unprecedented manner.
As part of the ministry's plan to set up 7 new free zones in Minya, South Sinai, New Ismailia, and craftsmen in Giza and Gamasa in Dakahlia, Aswan and Kafr El Sheikh, the seven free zones are expected to include more than 1,000 projects and contribute about 120 This is part of the Ministry's objective to achieve equitable geographical distribution within the framework of its plans to expand the establishment of free zones in all governorates, thus contributing to the provision of employment opportunities for the people of the provinces and achieving development thereof. Therefore, the new areas are being distributed throughout the Republic of Upper EgyptThe Delta and the Suez Canal, in line with the country's development and employment plans.
The Ministry pointed out that since the issuance of the investment law, the ministry has been able to complete the work on the establishment of a free zone in Minya and in Yanweiba, while no free zones have been established since 2004. The Ministry of Investment and International Cooperation implements a plan for the redevelopment of the existing areas in parallel with the establishment of new areas where Work is under way to develop the free zone in Nasr City, Port Said and Alexandria, areas that have not witnessed any modernization or development since its establishment in the seventies of last century.
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