Egypt adds two more areas to QIZ scheme
Two new governorates in Upper Egypt have been added to the Qualifying Industrial Zones (QIZ) agreement which grants participating Egyptian manufacturers duty free access to the US markets provided that they satisfy an agreed upon Israeli component.
Beni Suef and Minya governorates are the latest additions bringing the total number of participating governorates to sixteen out of twenty seven.
"We cannot accurately quantify the impact of the new additions, but we are expecting a sizeable increase in QIZ exports," said Mohamed Qassem, head of the Readymade Garments Export Council and owner of a firm participating in QIZ.
The two governorates were added to the agreement after securing the joint agreement of all parties to the Protocol.
Companies participating in QIZ have exported goods worth a total $931 million in 2011 and imported a total $97.5 million.
Since the agreement was signed in 2004, the total value of Egypt's exports has increased steadily, current totaling $5 billion.
- The source of all brain drain: Lebanon's university graduates downbeat about their future prospects
- Is Erdogan's party waging a 'holy war' against the free market economy?
- Costs and benefits: the tough economics of hosting the World Cup
- Mind the gap: descripancy between income and social development persists in the Middle East
- Taking the driver's seat when it comes to your finances: should you buy a car in cash or installments?