The government is to form a committee to solve problems facing free zones across all governorates, Invest-Gate reports.
Minister of Investment and International Cooperation Sahar Nasr announces the formation of the committee at a meeting with directors of free zones, the General Authority for Foreign Investment’s (GAFI’s) Acting CEO Mona Zobea and head of the Free Zones Sector Ahmed Afify
Nasr says, “A committee will be formed comprising GAFI’s Board of Directors to solve problems facing free zones and to launch a promotional campaign across the world… We are intensifying discussions with investors…. and resuming the operation of suspended projects.”
During the meeting, head of the Free Zones Sector Afify points out that there are currently 1109 projects in free zones with a total capital of USD 11 bn and investments worth USD 26 bn, which have contributed to providing 181,800 job opportunities. They are divided into nine public zones, including 901 projects with a capital exceeding USD 6 bn and investments worth USD 14.9 bn, providing 98, 300 direct job opportunities. The private free zones include 208 projects, with a capital exceeding USD 5 bn and investments worth USD 11.2 bn, providing around 83, 500 direct job opportunities.