Home More Explainers Egypt’s Free Zone Exports Hit $6bn in Four Months – Minister

Egypt’s Free Zone Exports Hit $6bn in Four Months – Minister

Egypt’s Minister for investment, Dr. Sahar Nasr has said that the country’s free zone’s exports has reached $6 billion during the first four months of 2019.

The government also announced plans to establish seven new free zones in the governorates of Minya, South Sinai, New Ismailia, Giza, Dakahlia, Aswan, and Kafr El-Sheikh so as to increase productivity, exports and attract more investors.

The number of projects executed so far in the free zones summed up to 1,095 with $12.5 billion in capital projects.

The Minister noted that the projects were established with an investment cost of around $26.3 billion, along with foreign direct investment (FDI) of $2.15 billion, which created nearly 194,000 jobs.

The free zone in Nasr City currently has 211 projects with a capital of $3.5 billion, with investment costs of $6.8 billion and foreign direct investment of $442 million. It provides about 72,500 jobs.

This came within the framework of continuous efforts to develop free zones and infrastructure and equip them to contribute to facilitating the system of work and facilitate the work of investors.

Also Read: Egypt Inches Closer to Nuclear Power Station

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