Prime Minister, Mostafa Madbouly, reviewed the proposed criteria developed by the General Authority for Investment and Free Zones (GAFI) for the establishment of new private free zones, during a meeting with a number of ministers and officials.
The objective was to discuss these criteria with the respective ministers before their submission to the cabinet.
The prime minister stressed the need for well-defined standards when establishing new private free zones. As a result, any forthcoming requests to create such zones will be required to adhere to these established standards.
During the meeting, GAFI’s CEO, Hossam Heiba, presented the proposed criteria aimed at selecting projects that would make significant contributions to the national economy.
These criteria took into account decisions made by the Cabinet and GAFI’s Board of Directors regarding targeted industrial or service activities at the national level.
Furthermore, this came within the framework of GAFI’s efforts to support investments, including Golden License.
The Golden License allows investors to acquire or lease land and operate enterprises on it, without the need for additional government approvals.
The CEO emphasized that investment projects operating under the special free zones system must meet specific criteria related to the project’s nature, workforce size, export ratio, reliance on local resources, technological utilization, and investment costs.
Discussions ensued among the attending ministers and officials regarding the proposed criteria put forth by GAFI’s CEO. It was agreed upon to establish a unified vision for these criteria, with consensus among the concerned ministers and officials, to present them to the Cabinet.
These decisions align with President Abdel Fattah El-Sisi’s promise to continue implementing economic reforms based on the localization of industry, expansion of the agricultural area, increase of foreign direct investment, and support for the private sector.
