{"id":587327,"date":"2023-05-25T00:00:00","date_gmt":"2023-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/egypt-to-relax-freezone-regulations-to-boost-investment\/"},"modified":"2023-05-25T00:00:00","modified_gmt":"2023-05-25T00:00:00","slug":"egypt-to-relax-freezone-regulations-to-boost-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/egypt-to-relax-freezone-regulations-to-boost-investment\/","title":{"rendered":"Egypt to relax freezone regulations to boost investment"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Ministers have approved relaxing rules on freezones<\/span><span style=\"\"> under government efforts to attract <\/span><span>more private-sector investment. Amendments to the <\/span><span>executive regulations<\/span><span> of the 2017 Investment Act would allow the cabinet to exempt companies from having to comply with most of the rules currently in place for setting up freezones, cabinet said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02JGB8gnMKf5rVr7fQpK1ciZv3raV3Ax4n896ip2Pbqps3Nzk2fk3N19QPa2sZGKcul\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> following its weekly meeting yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This would mean no local component, export quotas:<\/span><span style=\"font-weight:400;\"> To establish a private freezone, investors currently have to source at least 30% of their raw materials and equipment from local suppliers, and are required to allocate at least 80% of output to exports. The regulations also stipulate that a minimum of USD 20 mn has to be invested into the project and at least 500 people have to be employed. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This will be done on a case-by-case basis:<\/span><span style=\"font-weight:400;\"> Cabinet will be able to waive the provisions for a freezone on the proposal from the relevant minister. Ministers may also choose to retain any number of the original provisions if it deems them necessary for a specific project. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The move marks the latest in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">series of measures<\/a><\/span><span style=\"font-weight:700\"> taken by the government<\/span><span style=\"font-weight:400;\"> aimed at boosting foreign investment. Prime Minister Moustafa Madbouly last week unveiled a package of 22 regulatory reforms to reduce red tape and improve transparency.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid07rF9FFZoCph5JN1XZk2d59rJwhpYTZUj9LHL5N5hNrUypmKuemzKe7LzgaEEvTgdl\" style=\"\">Also agreed<\/a><\/span><span style=\"font-weight:700;\"> at yesterday\u2019s cabinet meeting:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IDSC revamped: <\/span><span style=\"font-weight:400;\">Cabinet approved a draft decision to restructure the Information and Decision Support Center (IDSC) to enhance its role supporting the government, providing the required data, analysis, and outlooks. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More responsibilities for the MSMEDA:<\/span><span style=\"font-weight:400;\"> Cabinet has approved amendments to the decision establishing the Micro, Small and Medium Enterprise Development Agency (MSMEDA), in light of the agency\u2019s increasing list of responsibilities. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Exemption of airport fees for foreign airliners extended:<\/span><span> Extending foreign operators\u2019 exemption from airport fees until March 2024 as part of the state\u2019s efforts to boost tourism. The exemption was set to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\" style=\"\">end last month<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Land reallocation: <\/span><span>Ministers approved several draft decisions reallocating state owned land, including a 16-feddan land plot to an international real estate developer.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cabinet has extended the exemption of airport fees for foreign airlines<\/p>\n","protected":false},"author":1,"featured_media":587328,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[282,72,1377,125,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-enterpriseam","tag-investment-act","tag-investment-watch","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"3ca84bbc-abd5-4f40-baff-fe7a89292f34","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1376.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt to relax free zone regulations to boost investment","related_issue":[587318],"teaser":"The cabinet has extended the exemption of airport fees for foreign airlines","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.d3e37572-a8f4-4d7b-a894-60e316b51cf0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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