Egypt to add 4 public free zones by 2026-end to boost exports: GAFI

Cairo [Egypt], August 17 (ANI/WAM): Egypt expects to have four new public free zones ready by the end of 2026 in a bid to expand industrial investment and boost exports, the General Authority for Investment and Free Zones (GAFI) said Sunday.

According to the State Information Service, the decision follows approval on August 11 by the ministerial group for industrial development after occupancy at Egypt nine existing free zones reached 95. The new zones will be located in 10th of Ramadan, New October, New Borg El-Arab, and New Alamein.

GAFI CEO Hossam Heiba said production from the new zones will be directed exclusively to exports to help Egypt meet its target of $140 billion in annual exports by 2030. He added that the move aims to avoid competing with domestic producers while promoting fair investment practices and supporting green transition goals.

Heiba said GAFI is working with the New Urban Communities Authority (NUCA) to speed up infrastructure development in the new zones. He also noted that three more free zones are under review, which could bring the total to 16.

Egypt government has positioned free zones as a key driver of export growth under its investment for exports strategy, designed to attract foreign investors and expand the country industrial base. (ANI/WAM)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.