Prime Minister Ahmed Nazif is expected to issue decrees in the coming period to establish 3 new investment zones in al Saf, Benha and northwest Gulf of Suez region.

This is part of a government plan to expand establishing investment zones where modern and specialized industries are located.
 
These zones enjoy exceptional facilitations and a fast procedure windup system through a board of directors and a one-stop shop for each single zone.

This came in remarks given by the General Authority for Investment (GAFI) chairman, Mr. Osama Saleh.

Works are underway to complete the construction of utilities and infrastructure at the Qeft Public Free Zone to be able to receive new investments and cater to Upper Egyptian investors, Saleh added.

"Ministers Mahmoud Mohieldin of Investment, Yousef Boutros Ghali of Finance and Rachid Mohamed Rachid of Trade and Industry have agreed to enforce a new package of rules on applications submitted to set up investment projects under the Free Zone System," Saleh unveiled.

These rules are: Each project feasibility study should prove that the project will be achieving a high value added to the national economy and employ a large workforce and that the project cannot be established elsewhere - except the location specified - because of its type of business being linked directly to seaports and airports for exportation purposes.

Some violations had been detected in some private free zone projects and these rules are hoped to fix the situation.

 

Source: Al-Akhbar daily