Egypt reviews expansion of investment zones to attract foreign capital
Egypt is reviewing plans to expand its investment zone system to attract more domestic and foreign capital, with existing and planned zones expected to generate more than 1.27 million jobs and trillions of Egyptian pounds in investments.
Prime Minister Moustafa Madbouly met Investment and Foreign Trade Minister Mohamed Farid on Tuesday to review developments related to investment zones and economic cooperation with Belarus, according to a government statement.
Farid said the zones offer streamlined licensing and approvals through executive offices affiliated with the General Authority for Investment and Free Zones (GAFI), helping speed up procedures and improve the business climate.
He also reviewed the trial operation of an electronic platform allowing investors to submit and track applications digitally through a unified system, part of broader government efforts to digitise investment services.
The ministry has launched a promotional campaign for investment zones aimed at attracting local and foreign investors, highlighting success stories including the Mit Ghamr and Benha zones, he added.
Egypt currently has 12 investment zones across six governorates, hosting 1,277 projects with combined investments of 66.3 billion Egyptian pounds ($1.3 billion) and employing around 77,500 people, Farid said.
Seven additional zones are under construction in three governorates, targeting 214 projects with planned investments of 4.11 trillion Egyptian pounds over 20 years and nearly 1.2 million jobs, he added.
Farid also reviewed the outcomes of the Egyptian-Belarusian Joint Committee and a bilateral business forum attended by 24 Egyptian companies.
Belarus is seeking broader cooperation with Egypt in sectors including machinery, vehicles, pharmaceuticals, food industries, and engineering, while Egypt aims to position itself as a regional export and manufacturing hub for Belarusian products targeting Arab and African markets, he said.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser