GAFI gives green light to 4 new free zone projects

The General Authority for Investment and Free Trade Zones (GAFI) yesterday approved the establishment of four new ventures under the free trade zone system.

The new facilities will cover leather, clothing, pack aging and petroleum services, GAFI Chairman Mohammed el-Ghamrawi said. He added that the project would be launched in the Nasr City and Alexandria free zones and would export at least 50 % their production.

"GAFI is offering many facilities to enable an increase in industrial exports and create new jobs," Ghamrawi said.

GAFI is currently considering a proposal to allocate land for the Young Exporters Association (YEA) with a low annual rent estimated at $1.75 per square meter, as well as special facilities to the organization to foster its growth.