Egypt’s General Authority for Investment and Free Zones (GAFI) has approved the offering of 107 new projects in the mineral industry in the investment zone in Mit Ghamr city.
The approval came during a meeting held by GAFI’s board on Monday, where it said that the new projects are expected to provide about 2,000 new job opportunities.
“Thirteen investment zones are under construction, including seven zones that follow GAFI, and the other zones follow the private sector, in addition to six other investment projects that follow governmental bodies and under GAFI’s supervision. These zones are predicted to offer about 208,000 new job opportunities, as well as attract new investments worth around EGP 78 billion,” Egypt’s Minister of Investment and Cooperation Sahar Nasr declared.
Investment zones in Egypt are established within an integrated development system which allows the developer to improve, promote and maintain all projects in these zones. In addition, the executive office of the zone is the only body with the authority to approve licenses to establish new projects.
Nasr said these should incentivise investors to launch on new projects in the zones.
During the meeting, Nasr stressed the importance of putting the protocol of cooperation between GAFI and the Micro, Small and Medium Enterprises Development Agency (MSMEDA) into effect. The protocol relates to managing and developing investment zones that are under the supervision of GAFI in Al-Saff zone and Benha governorate, which should provide about 7,000 new job opportunities through 399 projects.
She added that GAFI is set to boost promotion for the investment zones and its projects.
Meanwhile, chargé d’affaires of GAFI Mohamed Abdel-Wahab pledged to remove all obstacles that investors may face.
Source: Ahram Online