Untying the knot EGYPTIAN and European investors can now capitalise on a new tool meant to streamline business and investment between them. This week, the General Authority for Investment and Free Zones (GAFI) and the Confederation of Egyptian European Business Associations (CEEBA) signed a memorandum of understanding (MoU) to put together an action plan to promote business and investment relations between Egypt and the EU. According to Assem Ragab, Chairman of GAFI, the signing of the MoU will mark the beginning of more elaborate cooperation between GAFI as a corporate regulator and a business facilitator and CEEBA, the voice of Egyptian businessmen in 27 European countries. "GAFI aims at promoting Egypt not only as a potential investment destination but as the gate to more markets in the region." "Under the Invest in Med initiative, the next two years will see the launch of six EU major projects in which Egypt is a partner," said Alaa Ezz, secretary-general of the CEEBA. Among these are Best Med aimed at promoting ecologically sustainable tourism in Egypt, EuroFood Tec promote organic agriculture and Med Energy to support the use of new and renewable energy. "The MoU represents another layer of public- private partnership and it will further strengthen the basis of cooperation between Egypt and EU countries," said Klaus Ebermann, head of the European Commission delegation in Egypt, who added that there is more to come. "We want Egypt to become a strong partner." Developers are coming The GENERAL Authority for the Economic Zone Northwest Gulf of Suez (Sezone) and the Main Development Company (MDC) have announced that the Egyptian-Chinese company Egypt TEDA has won the bid to develop six square kilometres of the northwest Gulf of Suez special economic zone covering 20.4 square kilometres near the port of Sokhna on the Red Sea coast. Accordingly, Egypt TEDA is to invest $270 million to develop the designated area and to provide basic services for the projects to be established at the site. Mahmoud Mohieldin, the minister of investment, said some 150 projects will be established to create 40,000 new job opportunities. Ninety-two regional and international companies earlier expressed interest in developing this highly strategic area but only 11 were selected to propose bids. Priority was given to companies with former experience in establishing, developing, managing and marketing state-of-the-art special economic zones in other parts of the world. The final scheme for developing the area will give special attention to the establishment of intensive- labour, less technologically demanding small and medium-sized enterprises (SMEs), feeding industries and logistics service providers as a means to add more value to the Egyptian economy and increase exports.
