Prime Minister Mostafa Madbouly underlined on Thursday 1/2/2024 the important role private free zones play in luring direct foreign investments, stressing that the government is keen on following up on the performance indicators of these areas.
Madbouly gave the remarks 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.
Madbouly underlined the importance of setting criteria regulating the establishment of private free zones to make an accurate assessment of the privileges offered to projects implemented in these areas.
Haiba, on his part, said the authority provides all tools, incentives and guarantees to lure more projects to the private free zones.
He said the authority was keen to take several measures to develop projects of private free zones to cope with international competition, adding that the authority targeted some value-added projects in the petrochemical, carpets, textile, electrical systems of cars, container stations and programming domains.
He said 209 industrial and services projects have been carried out in the private free zones till now, representing 18 percent of the total 1,162 projects implemented in free zones till the end of 2023.
He made clear that private free zones provide 85,000 jobs, mostly in the industrial sector.
Private free zones are designated for investment projects that require a specific location to be economically viable and enjoy the same benefits as public free zones, such as exemption from customs tariffs and duties, sales tax, and other fees.