Egypt Independent

Ministry to establish 3 new trade zones



The Trade Ministry on Sunday signed contracts for the construction of three new trade zones in Mansoura, Beheira and Luxor, worth a total of LE330 million.

Trade Minister Rachid Mohamed Rachid said the Mansoura trade zone would be situated on 63,000 square meters of land, the Beheira trade zone on 65,000 square meters, and the Luxor zone on 60,000 square meters.

At a press conference following the opening by German wholesale company Makro of its first “Cash and Carry” retail outlet in Cairo, Rachid said the new trade zones would be offered to investors on a usufruct basis.

“Investors will have to complete their projects within 18 months and can build on only 40 percent of the space,” he explained, adding that population growth was not being met by a proportionate expansion in domestic trade investments.

Rachid also said the ministry planned to revise current rules and regulations governing domestic trade with a view to attracting new investors.

“We aim to increase the Trade Ministry’s contribution to economic growth from its first-quarter level of 14 percent,” the minister explained.

He went on to say that the ministry welcomed both local and foreign investment, “which will, at the end of the day, benefit consumers and traders, create new job opportunities and help push economic growth.”

Makro’s regional manager, for his part, said the company intended to open 20 outlets in Egypt by 2012.

Translated from the Arabic Edition.