Exclusive economic zones aim at increasing investments exports
Egypt, Economics, 5/29/2002

Egyptian Prime Minister Atef Ebeid yesterday said that the government will start applying the law on exclusive economic zones (EEZs) in three areas in Egypt.

Ebeid, at a Parliamentary session yesterday explained that the EEZs will be carried out in the Gulf of Suez, East of Tafria in East Port Said and in the Rosetta and Damietta areas.

"Total investments in these areas stood at L.E. 3.9 billion, he pointed out, noting that the government will see how far the project will be successful whereby it will be decided whether to apply it in other areas or not," added Ebeid.

In a related development, the People's Assembly's deputies following a heated debate initially passed this controversial draft law.

Ebeid said this law will positively affect the volume of local investments, and raise the country's exports to overseas markets.

"These Zones will not prejudice to the National dignity," the Prime Minister told the deputies who casted shadow of doubts over this draft law, claiming that other investment project not working under this law will be deprived of the privileges of this new law.

"It is a poison in honey. The government referred this bill to the parliament claiming that it will raise our exports but in fact it will be passed in favour of some businessmen, argued Nasserite member Kamal Ahmed.

Prime Minister Dr. Ebeid refuted these accusations, affirming that the government of the National Democratic Party doesn't do favouritism to some people at the expense of the country's supreme national interests.

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