Egypt’s free zones’ exports record $14.7bn in three quarters of 2018: Nasr

The free zones affiliated to the General Authority for Investment and Free Zones (GAFI), achieved exports worth $14.7bn from January to September 2018, an increase of $1.1bn compared to last year previous period, said the Minister of Investment and International Cooperation Sahar Nasr.During a press statement on Sunday, she explained that commodity exports amounted to $8.3bn during the first nine months of 2018, pointing out that service exports recorded $6.4bn during the aforementioned period.

Nasr added that the number of projects operating in the free zones reached 1,102 projects, including 898 in the public free zones and 204 in private free zones.’The capital of these projects reached $11.4bn, in addition to $2.15bn in foreign direct investments,’ Nasr stated, noting that these projects have contributed towards providing 200,000 jobs.

Furthermore, Nasr indicated that the cooperation between the ministries of investment, trade, industry and finance facilitates investment procedures in the free zones.The ministry is currently working on developing seven free zones, expecting over 1,000 projects to open in them, providing 120,000 job opportunities, revealed the minister.

Moreover, Nasr also highlighted that the ministry is presently working to establish 12 new investment zones in Egypt, anticipated to include about 8,000 projects, and provide 100,000 employment opportunities.Several days ago, the GAFI’s board of directors approved draft regulations for the work system within the free zones, and the establishment of three new public free zones.

source:MENAFN