Egypt explores establishing free zone for African Investors
Updated 9/3/2024 9:06:00 AM
Arab Finance: The Egyptian government is exploring the establishment of a dedicated free zone for African investors, as part of its broader strategy to boost trade relations with African markets, Al Borsa News reported, citing unnamed sources familiar with the matter.
Ministries of Industry and Transport and Ministry of Investment and Foreign Trade are collaboratively studying this initiative, which aims to attract African industrial projects to Egypt.
African investors are increasingly looking to set up industrial projects outside their home countries, particularly in the food and ready-made garment sectors, the sources noted.
These investors plan to import raw materials from their own countries, process them in Egypt, and then re-export the finished products.
The move is driven by challenges in their home countries, such as inadequate infrastructure, including poor road networks, electricity shortages, and a lack of trained labor.
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