The cabinet approval the other day of a draft bill to launch a free zone in Nuweiba is a profoundly-significant move. In the first place, it points to the sustained state drive to introduce whichever measures deemed necessary to revive the national economy especially through the rebuilding of the production and service infrastructures and the creation of fresh venues for investment activities, in addition to the effectuation of economic and monetary reforms and expanding social protection networks. The choice of Nuweiba as location for the newest such zone is indicative of the state policy to spread the developmental process across the entire land of Egypt, including Upper Egypt, the Sinai and the North Coast region. The projected Nuweiba zone which is part of the state plan for development in the Sinai at an estimated cost of $16 billion, as Investment Minister Sahar Nasr said in a press conference on Saturday, is expected to generate some 14,000 new jobs, according to South Sinai Governor Khaled Fouda. In addition to the generation of new job opportunities, the flow of trade and the handling, warehousing and processing of goods in free zones invites parallel increase in the movement of people and businesspersons, consequently motivating larger urbanisation in the vicinity. Gone are the days when any part of the country could be considered remote or far-off from the state developmental effort. Thirdly, the launching of free zones reflects the diversity of the current state approach to the activation of the country's investment potential. Over the past four years, a series of regulatory measures to attract fresh and/or additional investments have been put in effect, together with serious efforts to apprize foreign investment and business communities of the opportunities existing in Egypt for rewarding investment activities in multiple sectors. Furthermore, President Sisi has in almost all his trips abroad reflected keenness on encouraging governments and business communities to start or increase investments in Egypt especially given the investment-friendly environment that has been created. Fourthly, free zones are certainly instrumental in boosting the volume of exports and generating new job opportunities – two of the main targets that the state has sought to realise over the past few years especially within the framework of the Egypt 2030 Vision for sustainable socio-economic development. Together with the rise of formidable public awareness of the need for bolstering stability, defeating terrorism and maintaining the country's security, the combination of ongoing efforts to reinvigorate and strengthen the national economy can explain the keenness of Egyptians, elderly and young, men and women, at home and abroad, on participating intensively in the electoral process.
