GAFI is set to launch five new private free zones in Greater Cairo in response to increasing demand from investors, aimed at promoting investment and economic growth.
– These new zones are separate from the six zones planned in GAFI’s 2024 roadmap and will offer incentives like tax exemptions and streamlined regulations to attract foreign direct investment.
– The government will allocate the private free zones to investors after issuing the necessary regulations, further supporting Egypt’s goal of becoming a regional trade and investment hub.
The General Authority for Investment and Free Zones (GAFI) is preparing to launch five new private free zones in Greater Cairo within the next few days, according to an official statement.
This decision is in response to a surge in demand from both local and international investors seeking to benefit from the investment-friendly environment these zones offer, according to Al Arabiya Business.
Private free zones are specialized areas where companies can operate with various incentives, such as tax exemptions and reduced regulations, aimed at boosting foreign direct investment (FDI) and stimulating economic growth.
Egypt has been strategically focusing on creating such zones to enhance its position as a regional hub for trade, manufacturing, and services. These zones also facilitate exports by offering streamlined customs procedures and infrastructure support.
The new free zones in Greater Cairo come as part of Egypt’s broader economic reform and development strategy, which seeks to attract more foreign investors and diversify the economy. In recent years, GAFI has played a key role in this strategy, helping to launch several successful free zones across the country. However, the official emphasized that the newly planned zones will not overlap with the six zones already included in GAFI’s roadmap for the upcoming year.
The government is set to allocate these private free zones to investors after finalizing the related regulatory framework. This move is expected to further cement Egypt’s attractiveness to global businesses and contribute to the country’s economic development efforts by fostering job creation and increasing foreign currency inflows.
Egypt’s economic policies, particularly the focus on creating more free zones, have been pivotal in driving investment in sectors such as manufacturing, logistics, and technology, providing the necessary infrastructure for businesses to thrive with minimal bureaucratic hurdles.
WAYA
