Egyptian prime minister Mustafa Madbouly has approved plans to set up seven new free zones in the country, aiming to attract more investors and to increase exports, productivity and GDP, following up on a plan first discussed in September 2018.
The new free zones will be established in Minia, South Sinai, new Ismailia, the Craftsmen area in Giza, Gamasa in Dakahliya, Aswan and Kafr El-Sheikh. These will involve manufacturing handicrafts, textiles and furniture, among others.
Egyptian minister of investment and international co-operation Sahar Nasr indicated that these seven free zones are expected to include more than 1000 projects and provide about 120,000 job opportunities, as published in a news release by the Egyptian Ministry of Investment and International Co-operation.
Egypt currently has nine free zones, which have generated 194,000 jobs and attracted more than $2.15bn inflows in FDI, according to the data from the Ministry of Investment and International Co-operation.