Egypt will set up investors’ service centres in free zones in every governorate in order to facilitate all hardships that might face investors, Minister of Investment and International Cooperation Sahar Nasr said in a press release on Saturday.
The minister added that the government’s priority is to support investors in free zones amid strict rules to prevent corruption.
Sahar Nasr was on an official visit to the free zone in the Port Said governorate, accompanied by Mona Zawbaa, the newly appointed head of the General Authority for Investment (GAFI).
Nasr confirmed that the New Investment Law kept private free zones within the framework of their importance, explaining that the most important thing for the Investment Law and its executive regulation is to activate it.
The minister noted that the Free Zones Sector is a top priority to communicate with the private free zone companies in order to solve any problems related to their businesses.
Free zones have 212 projects and a capital of $5.5bn. The investments reached $11.5bn.
Free zone companies export abroad about $4bn and provide 83,000 direct jobs.
Nasr stressed the importance of applying the new investment rules in order to facilitate all procedures for investors.
Egypt’s parliament approved in May a long-delayed investment law to streamline doing business in Egypt and to create incentives it hopes will bring back investors’ dollars after years of turmoil.
The new law is expected to boost badly needed investment by cutting down bureaucracy, especially for starting new projects, and providing more incentives to investors looking to put money in Egypt.
The law also restores private sector free zones—areas exempt from taxes and customs—a provision that had held up the law’s passage because of objections over whether to forfeit tax revenues at a time of austerity.