Minister of Investment and International Cooperation Sahar Nasr said on May 12 that exports of Egyptian free zones amounted to USD 6 bn during the first four months of 2019, Invest-Gate reports.
The number of projects being implemented in Egypt’s free zones has reached 1,095, with a capital worth USD 12.5 bn, Nasr added in a recently released ministerial statement.
The minister noted that these projects were established at an investment cost of nearly USD 26.3 bn, along with foreign direct investment (FDI) worth USD 2.15 bn, which created nearly 194,000 job opportunities.
In addition, a total of seven free zones are being established in Minya, South Sinai, New Ismailia, Giza, Dakahlia, Aswan, and Kafr El Sheikh Govornerates, aiming to attract more investors while boosting exports and production. They are projected to encompass more than 1,000 projects and create about 120,000 jobs, Nasr pointed out.
The existing state-run free zones include Alexandria Public Free Zone, Port Said Public Free Zone, Ismailia Public Free Zone, Nasr City Public Free Zone, and Suez Public Free Zone.
According to the minister, Nasr City Public Free Zone currently comprises 211 projects, with a capital estimated at USD 3.5 bn, with investments worth of USD 6.8 bn pumped into them. Additionally, the zone is seeing FDI of USD 442 mn and is providing about 72,500 jobs.