Egyptian pound wavers vs. USD in early trade    SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IDA promotes foreign investment in industrial zones
Published in Daily News Egypt on 15 - 04 - 2009

CAIRO: New laws being implemented by Egypt's Industrial Development Authority (IDA) will allow foreign firms to buy, develop and resell land in the country's industrial zones.
In a conference Tuesday, IDA Chairman Amr Assal said that the new investment laws would mean that multinational firms can buy and develop vast swaths of land in industrial zones and then sell them in pieces to private sector companies.
Until recently, only the government was allowed to do this.
Speaking of other reforms being undertaken by the IDA, Assal highlighted the importance of establishing more factories in the country and investing in Upper Egypt.
The IDA in cooperation with the Canadian Chamber of Commerce (CanCham) hosted an event Tuesday night to highlight some changes being made to trade and investment laws and to sign an agreement of further cooperation between the two bodies.
Leading participants included Assal and CanCham Chairman Fayez Ezeldin.
In the beginning of the program, Assal outlined a number of the steps he and the IDA were taking to liberalize trade and investment policy. These steps, he said, would be important in any climate but were made more critical because they stood to spur growth and investment at a time of economic stagnation.
"These recent reforms are mainly focused on enhancing the competitive capability of Egyptian industry; enabling Egyptian industrial sectors to draw level with emerging industrial nations and to target the attraction of investment from industrial powers, said Assal in a letter to potential investors.
At the conference, Assal discussed a number of the reforms the IDA was implementing.
Besides facilitating investments for foreign firms in industrial zones, Assal also discussed plans to encourage more industrial projects in Upper Egypt. The new policy, he explained, would offer land at a discount rate and help the company pay part of workers' wages.
Upper Egypt is among the country's most impoverished areas. Bringing industry to the region, Assal explained, was key for development.
The IDA is also undertaking efforts to ease the bureaucratic challenges of investing in Egypt. The parliament is set to consider a bill that would consolidate all industrial and investment laws into one statute. Assal is also allowing chambers in each governorate to approve industrial projects since so much of the country's industry is located outside of Cairo.
One of the primary goals in all these reforms, said Assal, is to boost the number of factories in Egypt. The aim, he explained, was to increase the number of factories in the country from a current level of 804 to 1,000 by the year 2011.
After Assal's discussion, CanCham and the IDA signed an agreement to encourage bilateral trade and investment between Egypt and Canada.
"We signed an agreement between CanCham and the IDA to develop trade and exchange experiences, said Ezeldin. "We are looking for Canadian business people to come to Egypt to invest.
Exchanging experiences, Ezeldin said, was the easy part. CanCham already runs a number of training programs and information seminars that do just that.
Encouraging investment between the two countries has been the tougher nut to crack.
Eighty-six percent of trade and investment flowing out of Canada, Ezeldin said, went to the US. Having lived for a long time in Canada, Ezeldin discussed how challenging it is for any other country to pull Canada's eyes away from the US.
"Putting Egypt on the map is a big, big deal, he said.
But Egypt is on the map. In just the last four years, Canadian investment in Egypt has grown from $600 million to nearly $4 billion.
While Ezeldin worries that growth in investment may falter during the global recession, he is confident that the trade and investment relationship will continue to grow.


Clic here to read the story from its source.