Private free zones' terms reviewed, new controls to be introduced: Investment Minister

Study will be conducted regarding establishing new free zones and attracting investments to current regions, says Salman

The Ministry of Investment is currently reviewing terms controlling the work of private free zones and the application of new controls for their work, according to Investment Minister Ashraf Salman.
Salman said this would be in an effort to protect workers in the projects set up in the free zones.
"The regularisation of the work system of the private free zones aims to ensure the continuation of the production and exports abroad," Salman said during his meeting with heads and members of a number of Investors Associations, including Nasr City, Port Said and Alexandria on Thursday evening.
In an Investment Ministry press statement, Salman noted that private and public free zones employ nearly 200,000 workers. They also form a large proportion of Egyptian exports that provide foreign currencies that are important for the Egyptian economy.
He added that a study is being undertaken to establish a new public free zone, expand current areas, attract more investments and implement promotional campaigns to occupy them. This is because they represent a facilitated environment for investors that would attract more investors if they were expanded upon, and provide work opportunities that help lift the trade balance and increase growth rates.
Salman said all suggestions and opinions to overcome all challenges facing investment in Egypt were taken into consideration.
"Fixing the legislative investment climate is one of the things that the government is giving great attention to in order to maximise the economic return and contribute to the implementation of development plans, according to the economic and social reform programme," said Salman.
He pointed out that one of the most important terms stipulated by the investment law is that decisions by the settlement of investment disputes commission are imposed on administrative authorities by force of law. This will positively impact Egypt's investment climate and eliminate obstacles that face investors in the shortest time possible in a way that does not impair the state's or investors' rights.
Alaa Omar, CEO of the General Authority for Investment and Free Zones (GAFI), said that many points raised by free zones investors were studied. The points included extending working hours in branches of investment services complexes, in addition to expanding in current free zone areas and providing them with facilities to help attract new projects.