Egypt is embarking on a transformative economic strategy by establishing 11 free zones across its newly-built cities. These zones are pivotal to Egypt’s plan to accelerate industrialization. Moreover, they will help attract significant foreign investment. This strategy represents a shift in the country’s economic approach under the leadership of Prime Minister Mostafa Madbouly and Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar.
150 Acres in Key Cities Merge Growth and Urbanism
The 11 free zones each span approximately 150 acres. They are strategically located in burgeoning cities like New Obour, New October, New Alamein, and several in Upper Egypt. Chosen for their size and potential to fuse urban development with economic growth, and these locations aim to ensure balanced regional development by situating the zones in newly developed areas.
A Focus on Export-Oriented Industrial Land
The free zones should provide ready industrial land specifically for export-oriented projects. They aim to foster industries that can significantly boost Egypt’s exports and further integrate the country into the global economy.
Partnerships and Roles: A Collaborative Approach
The initiative sees the New Urban Communities Authority and the General Authority for Investment and Free Zones (GAFI) at its core. Furthermore, their partnership model leverages the strengths of each entity to ensure the efficient and effective roll-out of the free zones.
Criteria and Implementation: Laying the Groundwork for Success
The free zones are geared towards attracting foreign direct investment, significant investment volumes, and enhancing industrial and export capabilities. Ongoing discussions about planning, construction requirements, and facilities connection for each zone reflect a proactive implementation strategy.
GAFI’s Critical Role and Future Collaborations
GAFI is tasked with urgently identifying potential areas to attract foreign investment and major corporations. Plans for future collaboration between GAFI and the New Urban Communities Authority aim to enhance the framework and efficiency of these free zones.