British investment group sets up project on free zone system

Negotiations are underway between the General Authority for Investment and Free Zones (GP I) and a British investment group to set up an investment project in Egypt on the free zones system to make towels and wools and to export all production.

Egyptian cotton that will be used in the project will reach 85 percent while the value of production requirements and raw material hits $ 2.5 million per month, said GAFI chief Muhammad Al-Ghamrawi during a regular meeting he held yesterday to follow up progress in free zones.

Ghamrawi said that the British group asked to have 15,000 square metres in one of the free zones allocated for erecting the plant and also to have facilities by GAFI to provide a building over an area of 11,000 square metres.