Head of the Parliament’s Economic committee Amr Ghallab - File photo
CAIRO – 26 July 2017: President Abdel Fatah al-Sisi’s decree on establishing the Golden Triangle economic zone, covering El Qoseir, Safaga, Qena, and Qift, leads to a boom in development of the Upper of Egypt area, especially in fields of mining, industry and tourism, head of the Parliament’s Economic committee Amr Ghallab said on Wednesday.
He noted that the project represents promising future of development the Upper Egypt area as well as it is a diverse development pillar to support Egypt’s economy.
He praised Sisi’s decree on setting up the project at an area considered one of the richest areas in the Middle East with precious metals, at the cost of $2.3 million and with investment of nearly $16 million.
The parliamentarian expected that the project would alleviate poverty and unemployment and create about half a million of job vacancies. Besides, projects of establishing new roads of Upper Egypt – Red Sea, Qena, Safaga, Menya and Ras Ghareb as well as Safaga harbor would contribute towards the success of the project.
Ghallab highlighted the necessity of following up proper policies of process of allocating lands by facilitating the terms of contract, providing energy requirements with affordable prices.
He refers to the resolutions of the supreme council of investment on easing process for investors to encourage them to invest in these development projects.
Meanwhile, he stressed no exaggeration in the facilitations, benefits and incentives granted in order to guarantee the seriousness of investors, adding that promotion and advertising of these projects could be by offering proposals to investors.
Egypt has 126 industrial zones nationwide, and has a plan to increase this number in the near future by adding more industrial areas that are either directed by IDA or new economic zones like the Suez Canal Economic Zone or the Golden-Triangle Economic.
According to statements of Investment Minister Sahar Nasr to Egypt Today, the current mega projects with top priority are: the New Administrative Capital, the Suez Canal Economic Zone, New Damietta for Furniture, One and Half Million Acres, the Golden Triangle as well as the Power Generation and Transmission Grid.
Given that such mega projects act as a stimulus for the economy, the government has provided seed money for infrastructure development for the above-mentioned mega projects via provision of public investment, in addition to employing EPC plus finance models, as well as issuing investment certificates—as in the case of Suez Canal Economic Zone.