Ebeid reviews increasing investments and development of industrial zones
Egypt, Economics, 10/1/2001

Egyptian Prime Minister Atef Ebeid yesterday presided over a ministerial meeting to discuss means of solving problems faced by investors.

The discussion aimed at attracting investments and setting up new projects to provide additional job opportunities for youth.

Minister of Information Safwat AL Sherif said the meeting discussed the development of investments in industrial zones in the governorates.

The meeting reviewed working papers presented by the Investment Authority and the Ministry of Industry on means of overcoming obstacles and problems facing investment in a manner that attracts more investments.

The measures discussed will be referred to the cabinet at its next meeting.

AL Sherif said that in the light of discussions and the working paper which will be issued by the council of ministers it is deemed necessary to have a responsible person to run the industrial zone and solve its problems and assume full responsibility through a board of directors for each industrial zone which would include representatives of government agencies and investors.

The board of directors of an industrial zone will include persons of high and distinguished administrative ability.

The meeting also discussed facilitate in dealing with government agencies. There will be a combined unit of government agencies to deal with an investor in the industrial zone.

These will facilities the issuance of licenses covering investments in the zone. A license will be issued within 48 hours.

The Minister added that a decision was taken to finance small projects and to lay down a permanent system to refund drawback fees and to make a clear definition of the cost of Utilities.

The cabinet will discuss the optimum means of carrying out a republican governing free land ownership in industrial zones in Upper Egypt.

The Minister explained that any person who sets up a project in these areas and begins production would be entitled to own the land of the project.

A license to operate the project will be issued in order to ensure its continuity. There will be no interference from administrative authorities and no decisions will be issued to affect continuity until the final license is issued.

An arbitration authority will be set up inside the industrial zones that will have the power to settle differences.

The meeting also discussed proposals submitted by the ministry of industry to provide facilities for investors in industrial zones.

Decisions to provide these facilities will be issued by the cabinet.

Foremost among these proposals is to revive the customs tariff committee and to adopt the customs system applied in a number of foreign countries in order to encourage industry and exports and complete the infrastructure in industrial zones.

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