08/05/2003
Al-Alam Alyom Newspaper 2003/MAY /08
Steps are being taken to set up a special economic zone in the Northern Egyptian city of Sharq al-Tafria (Port Said). Projects should be implemented to facilitate the transit of ships, the production and exportation of goods, and what else is necessary to turn this area into Egypt’s main export outlet. Given its geographic position (close to Europe and in the middle of the Arab world), this area could attract many investors, both from Egypt and abroad. They should be allowed to set up and run their projects without many impediments, as this would bring huge profits to the zone and indeed the whole country. The Special Economic Zones Law is Egypt’s main tool to regulate the whole process. It regulates investments, providing a good environment for any development project while guaranteeing that any land given to investors is used for export, development and not for speculations. The state should play an active role in this process, and so should the banks. BNP Paribas Le Caire, for example, is ready to grant loans for setting up projects in Sharq el-Tafria and other special economic zones with no need to have a branch over there, thanks to e-banking and M-banking. Egypt is already familiar with these kind of zones, as cities like 10th Ramadan and 6th October are success stories that should be emulated when developing Sharq al-Tafria. (Available in Arabic – German in PDF)
Steps are being taken to set up a special economic zone in the Northern Egyptian city of Sharq al-Tafria (Port Said). Investors would play the leading role and the state should be ready to help them while preventing any form of speculation on their part. The main legal mechanism to regulate this whole process is the Special Economic Zones Law. If well handled, Sharq al-Tafria could become the next success story after the cities of 10th Ramadan and 6th October, and would bring huge profits to the zone and indeed the whole country.