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Egypt set to receive EGP140 million of new investments in 2016

Raw materials, machinery and goods supplied to Egyptian factories to be exempt from import regulations

Mohamed Junaidi, chairman of the Industrial Investors Syndicate, revealed that new investments of EGP140 million are to be pumped into the Egyptian market during 2016.

Junaidi added that new investments include a shopping mall to be built in Al Haram area with investments worth EGP40m, pointing out that an agreement has been signed with companies such as Mobinil and Carrefour, in addition to EGP60m to be pumped into the development of a factory to produce electrical equipment and machinery.

The chairman pointed out that investments worth EGP40m are also available as franchises for restaurants, reports UAE-based Aliqtisadi.

He said that Tarek Amer, the governor of the central bank, has promised during a meeting with representatives of the Egyptian Federation of Investors, to pass a law that exempts all raw materials, machinery and goods supplied to Egyptian factories from import regulations, with the aim of promoting local industry.

(EGP1 = AED0.47, at the time of publishing)