Friday 28 Feb
In a comprehensive meeting, Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, met with Engineer Hassan El-Khatib, Minister of Investment and International Trade, to discuss the criteria for approving the establishment of new free zones.
The meeting was attended by Hossam Heiba, Chairman of the General Authority for Investment and Free Zones, and a number of leaders from both the Ministries of Industry and Investment and International Trade.
The meeting reviewed criteria for
approving special free zones, including activity type, location, employment,
exports, foreign funding, technology, project area, capital, investment costs,
and local component use. Applications are scored; those exceeding 70 points are
approved for special free zone status, while others are directed to other
investment systems.
Minister El-Wazir emphasized the
Ministry's focus on developing investment free zones, highlighting their
investor appeal due to streamlined procedures and single-window licensing. He
stressed the need to review requirements for new zones, including increasing
local component percentages and investment costs, to attract large-scale
industrial projects prioritized by the Egyptian market.
The Ministry aims to attract
investment in 23 promising industries in Egypt to localize them and reduce
import costs. These industries will be eligible for free zone incentives, and
the list of target industries may be adjusted as needed.
The Minister emphasized the importance of determining electrical capacities for industrial units in free zones based on their activity. He stressed raising investor awareness of these capacities and other technical requirements. He directed the General Authority for Investment and Free Zones to coordinate with the National Accreditation Council to accredit offices that examine technical matters and documents for licenses within investment zones.
