People's Assembly approves exclusive economic zone bill

At its session yesterday under Ahmed Fathi Sorour, the People's Assembly agreed in principle on the exclusive economic zones bill which aims at increasing national and foreign investments in Egypt through extending a number of privileges and incentives which are provided by the current laws.

Under the new bill, no burdens will be added to products during the period of production.

The bill provides for the freedom of exportation and exempts production supplies from all customs duties.

Prime Minister Atef Ebeid said after the approval of the bill, three exclusive economic zones will be established northern the Gulf of Suez, eastern Port Said and West Damietta.

The Prime Minister said these zones will be subjected fully to national sovereignty and their production will be assigned for exportation.

He said the bill, which is currently debated by the People's Assembly provides for the establishment of exclusive economic zones on vacant areas which account 97% of Egypt's vacant land adding these zones will be assigned for development, thus they will be added to the already existing industrial zones and zones subjected to investment law. The Prime Minister said new investments in these regions will enjoy tax and customs privileges.

On the reasons behind the selection of these zones, the Prime Minister said the site of these zones has all facilities which are provided by the state and which make these zones qualified for receiving Egyptian and foreign investment.