An independent body for running economic zones
Egypt's President Mubarak will preside over an expanded meeting on Monday for reviewing rates of performance and progress of northwestern Gulf of Suez project.
Prime Minister Atef Ebeid said the President will review broadlines of the economic zones bill. Ebeid said the bill includes many principles mainly the establishment of an authority for running the zones with a special nature on the lines of the High Dam Authority in which all Ministries would be represented by delegates having the authority to take decisions without referring to the Ministries.
Ebeid said in press statements yesterday that under the new bill, investors will be subjected to new taxation system which exempts imported raw materials and equipment from taxes.
He said investors will pay custom duties and profit taxes of a maximum of 20% after the first year of production.
Ebeid said that investors will shoulder the burdens imposed on investors in the states applying special economic zones.
He said that a company for developing and infrastructures in the special economic zones will be set up, adding this company will be assigned to sell land, to promote investment in the special economic zones abroad and will run domestic infrastructures according to world specifications.
Ebeid said that the international labour laws will be applied to exclusive economic zones employees.
On the assignments given by President Mubarak to the government to reconsider planning the economic zone in Port Said project, the Prime Minister said that he would have consecutive meetings for following up the implementation of assignments.
On the development of exports, the Prime Minister said exports value this year are higher by $ 2 billion than last year adding they could be increased by another one billion dollar.
He said his last meeting with the ministerial group for developing exports took two important decisions:
First: The establishment of a fund for developing exports utility starting with L.E 250 million.
Second: Cancelling guarantee imposed on exporters during the importation of raw materials used in exportation under drawback system.
Ebeid said exporters committing any violation will have their names deleted from exporters register. The Prime Minister said that the cabinet will hold five meetings in the upcoming stage for solving the problem of unemployment.
He said that when the government finishes the national programme for increasing working opportunities, it will refer it to the political parties for discussion.
Prime Minister Atef Ebeid said that the government has drafted a full dressed plan for holding permanent dialogue with the members of the People's Assembly and the National Democratic Party with various party and political affiliations.
He said that the coordination will be maintained between the government and the People's Assembly for reviewing 14 draft laws prepared by the government.
The Prime Minister said he will give the government policy statement next month, adding that the statement will determine the public policy priorities in the economic, and social fields.