ICEC

Total investments of free trade zones post $26B by end of July

Investment Minister Sahar Nasr said total investments of free trade zones managed by the General Authority For Investment & Free Zones (GAFI) hit $26 billion by the end of July.

The combined capital of projects there reached $11.3 billion in addition to $2.1 billion foreign direct investments, she said, noting that the projects created about 192,000 jobs.

She added that commodity exports reached $4.9 billion, while service exports stood at $4 billion.

General trade zones of Suez, Ismailia and Alexandria were renovated, she said, noting that more zones are being upgraded.

She noted that the government is keen on pumping investments into areas in need of economic growth, topped by Sinai and Upper Egypt.

She added that Investor Service centers are being set up in Upper Egypt’s Qena, Menya and Luxor as well as Fayyoum, Ismailia, Sharm el Sheikh, El Wadi El Gadid (New Valley) and Hurghada

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