The Egyptian General Authority for Investment and Free Zones (GAFI) Chairman Mohamed Al-Ghamrawi, recently announced that two new industrial projects are soon to be established according to the free trade zones system, reported Al-Sharq Al-Awsat daily.
The two projects will be set up with a capital of $97 million and an investment of $158 million. They would be located in the northern region of the country, by the Gulf of Suez, and will stretch over a 180,000-square meter area.
Twelve industrial projects are underway in the North West Gulf of Suez. With investment running to six billion Egyptian pounds, the projects are expected to create 11 thousand job opportunities for locals, reported Al-Alam Al-Youm daily.
Industrial activities to be included in the Gulf of Suez projects are fertilizers, automobile assembly, petrochemicals, automotive related industries, ceramics, sanitary ware, iron and steel and aluminum joints.
The General Authority for Investment and Free Zones (GAFI) is the primary governmental authority concerned with regulating and facilitating investment in the Free Zones. There are currently eight such zones ― Nasr City, Cairo; Alexandria; Port Said; Suez; Ismailia; Damietta; Safaga and Sohag. Projects in the zones are exempt from Egyptian taxes and duties. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
