Egypt is heralding a new era with the inception of the Italian Egyptian Company for Sustainable Technological Industries. Nestled over 40,000 square meters, this groundbreaking zone is set to become a beacon of sustainability and economic growth. With a steadfast commitment to local sourcing and a bold export strategy, this project is not just a testament to international collaboration but also a strategic move towards reshaping Egypt's role in the global market. This article unfolds the top 10 facets of this ambitious project, revealing how it aligns with Egypt's vision to catalyze private sector growth and foster a thriving environment for investments.
1. Name and Purpose: The project is the Italian Egyptian Company for Sustainable Technological Industries, focusing on sustainable technological development.
2. Location: It will be constructed on a 40,000 square meter area.
3. Export-Oriented: The company is mandated to export at least 80% of its production annually.
4. Local Production Emphasis: Within the first three years, 90% of production inputs must be sourced locally.
5. Regulatory Improvements: Amendments to the investment law were approved in June to streamline licensing for private free zone projects.
6. Investment Zones: Egypt currently hosts 11 investment zones, with an additional five under construction in Cairo and Giza.
7. Economic Impact: The new investment zones under construction are expected to generate over 167,000 jobs and involve EGP 157 billion in investments.
8. Area Coverage: The new and under-construction investment zones span a total of 4,400 feddans.
9. Business Climate Reforms: Egypt is actively taking measures to enhance its business and investment environment.
10. Private Sector Growth: The goal is to increase the private sector's contribution to the economy from 30% to 65%, as outlined in the State Ownership Policy Document.