Egypt to Establish Three New Free Zones, says GAFI CEO

The General Authority of Free Zones and Investment (GAFI) in Egypt has announced plans to establish three new free zones in the country. Hossam Heiba, the CEO of GAFI, revealed this during a meeting with Prime Minister Moustafa Madbouly on Sunday. The proposed locations for the new free zones are Alexandria, the 10th of Ramadan City, and the 6th of October City. Heiba further mentioned that there has been significant interest from investors regarding these new free zones.

During the meeting, Prime Minister Madbouly received updates on the progress of companies applying for or receiving gold licenses. This information was shared by GAFI’s CEO, as stated in a cabinet press release. The government is actively monitoring and supporting the licensing process to facilitate business activities related to the gold sector.

Additionally, Heiba highlighted the efforts undertaken by GAFI to attract investments in various sectors. He also discussed the fruitful meetings held with numerous investors and representatives of international companies. These engagements aim to promote investment opportunities and encourage economic growth in Egypt.

The establishment of new free zones demonstrates the government’s commitment to fostering a favorable business environment and attracting both domestic and foreign investment. The proposed locations strategically align with Egypt’s economic development goals, offering opportunities for trade, industrial activities, and job creation. The government’s proactive approach in supporting investors and facilitating licensing processes further strengthens Egypt’s position as an attractive investment destination.

The initiatives undertaken by GAFI and the government align with Egypt’s broader vision for economic growth and development. By expanding the number of free zones and promoting investment opportunities, Egypt aims to enhance its global competitiveness, diversify its economy, and create a conducive environment for business expansion.

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