Egypt’s GAFI to complete four new investment zones soon
Egypt’s General Authority for Investment and Free Zones seeks to complete establishing four investment zones across the country during the upcoming period, its chairman Mohsen Adel said on Monday.
One of the anticipated investment zones will locate in Benha, designed for food industries, Adel said at a conference in Cairo.
Other zones will be established in El-Saf, Giza governorate on an area of 2.5 million metre squares specialised in aluminum industries, and in Aswan on an area of 5,000 feddans.
GAFI’s strategy is focused on the simulation of the global investment zones in order to achieve the highest results in the frame work of diversifying the country’s investments resources.
Investment Zones were created under Law no. 19 of 2007, which introduced a new investment scheme never included before in the Investment Guarantees and Incentives Law, which is the Investment Zones system.
The new law allowed the establishment of investment zones as per a Prime Minister decree No. 1675 of 2007 issued and specialized to regulate work at investment zones in whatever investment domain stipulated.
It’s mission is to support Egypt’s economic growth through effective investment system characterized by the ease and convenience in dealing with investors