The purpose of the meeting was to discuss these standards with the respective ministers prior to their submission to the cabinet, Madbouly added.
Prime Minister, Mostafa Madbouly, examined the proposed criteria developed by the General Authority for Investment and Free Zones (GAFI) for the creation of additional private free zones, during a meeting with a number of ministers and officials.
The purpose of the meeting was to discuss these standards with the respective ministers prior to their submission to the cabinet, Madbouly added.
The prime minister stressed the necessity of having clear standards for establishing new private-free zones. Consequently, any future requests to establish such zones must be compatible with these standards.
During the meeting, CEO of GAFI, Hossam Heiba, presented the proposed criteria to select projects that will contribute significantly to the national economy.
These criteria consider the decisions made by the Cabinet and GAFI's Board of Directors regarding the targeted industrial or service activities at the national level.
Moreover, this initiative falls within the broader scope of GAFI's endeavors to bolster investments, including the implementation of the Golden License.
The Golden License facilitates investors in acquiring or leasing land and operating their businesses without requiring further government approvals.
The CEO of GAFI highlighted that investment projects operating under the special free zones system must fulfill specific criteria related to the project's nature, workforce size, export ratio, reliance on local resources, technological utilization, and investment costs.
The meeting witnessed discussions from the attending ministers and officials regarding the proposed criteria presented by the CEO of GAFI. It was agreed to establish a unified vision for these criteria, with the consensus of the relevant ministers and officials, to be presented to the Cabinet.
These decisions align with President Abdel Fattah El-Sisi's promise to continue implementing economic reforms based on the localization of industry, expansion of the agricultural area, increase of foreign direct investment, and support for the private sector.
