This initiative will lead to the formation of 759 investment opportunities, along with the potential to create around 10,000 job openings, Fayek added.
The General Authority for Investment and Free Zones (GAFI) set a target to create 4 investment zones that prioritize environmental sustainability by 2030, with investments amounting to EGP 5 billion, the Head of New Investment Zones Division at GAFI, Marwa Fayek, said.
This initiative will lead to the formation of 759 investment opportunities, along with the potential to create around 10,000 job openings, Fayek added.
Egypt plans to double the number of public free zones, by adding 11 new cities during the next 2 years, an unnamed official in the Urban Communities Authority said to Asharq Bloomberg.
Additionally, the Egyptian government will allocate 4 new public free zones during 2024, in the areas of the 10th of Ramadan, New October, New Alamein, and Burj Al Arab.
CEO of GAFI, Hossam Heiba, emphasized that the Authority is actively collaborating with the Ministry of Finance to conclude the development of definitive criteria for establishing private free zones.
He highlighted that the primary objective of the free zones is to facilitate export activities to foreign markets, while also aiming to allocate approximately 20% of the production output for the domestic market.
In Egypt, free zones are categorized into two types: public and private. The public zone encompasses a collection of investment projects, and the government takes responsibility for establishing the required infrastructure to support activities within this zone.
On the other hand, the private free zone consists of a single project exclusively.
