The Upper Egyptian governorate of Minya's sign - Wikimedia Commons
CAIRO – 1 April 2018: The government agreed on Sunday to establish a free-zone in Minya governorate in Upper Egypt.
The decision comes one day after the government approved the establishment of a free zone in South Sinai’s Nuweiba city.
The decision to establish a free zone in Nuweiba allowed the establishment of the first free zone since 2005, according to Minister of Investment and International Cooperation Sahar Nasr.
She said in a press conference on Saturday that establishing free zones comes in light of the new investment law and the state’s plan to establish such zones in governorates to help create jobs.
Nasr said that the free zones constitute 24 percent of Egypt’s exports, adding that completing these zones in Nuweiba city and Minya governorate will bring the number of free zones in Egypt to 11.
Egypt’s recently-issued investment law restored private sector free zones, which are areas exempt from taxes and customs.
The law aims at luring investors and ramping up investment in Egypt after years of political instability.