Special regulation on economic zone to be issued
Egypt, Economics, 9/25/2000
In its meeting yesterday, presided by Egypt's Prime Minister Atef Ebeid, the expanded ministerial committee for following up the executive program of the Gulf of Suez Project, called for the establishment of a higher body for developing the Gulf of Suez zone.
To this end, a presidential decree is to be issued which is also to set up a development company to organize investors' ownership of the land and to provide all means of attracting foreign investments and establishing a high quality infrastructure. Also, the committee called for the establishment of companies for services and managing the utilities of the zone.
The area will have new systems for customs release, taxes and an advanced system for dispute settlement and arbitration.
"President Mubarak is expected to visit Gulf of Suez soon in order to inspect the progress of the project" said Minster of Information Safwat AL Sherif. He added that the project's feasibility study revealed a number of facts and showed that the Egyptian economy has the potential to absorb more international investments that would accelerate economic growth that began with the reform policy.
"Establishing a promising economic zone north of Suez is of great importance for Egypt to realize quick and sustainable growth in addition to increasing exports through structural reforms," according to the study.
The study also showed that this special economic zone would provide space for promoting economic activities, thanks to the procedures taken to meet foreign investors needs. Besides, this economic zone would be a main source of Egypt's industrial competitiveness and a starting point for relevant structural reforms.
Moreover, yesterday's meeting discussed an integrated strategy on market issues,management and operation of the zone. This is in addition to high quality infrastructure compared to competitive areas in terms of energy, communications,water, drainage, protection against torrential rains and means of transportation and the port.
The study also focused on feasible industries to be established in the area; food industries, clothes, chemical industries, heavy industries and engineering and electrical industries.
In the same context, Atif Ebeid discussed with experts and specialists the proposed capital of the development company and the international management of the zone. The discussions also showed that the giant fertilizers project will be in operation during coming weeks, thanks to the infrastructure of the zone.
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