Egypt has established various free zones to attract foreign investment and boost economic growth. The Egyptian International Investment Co Free Zone (EIIC) is one of the key free zones set up by the Egyptian government. Located near Cairo International Airport, EIIC provides a favorable business environment for foreign companies looking to invest in Egypt. This article provides an overview of EIIC and other major free zones in Egypt, including their locations, industries, incentives and procedures for setting up businesses. With growing foreign investment interest in Egypt in recent years, free zones have become an important gateway for multinational companies entering the Egyptian market.
Overview of EIIC Free Zone
The Egyptian International Investment Co Free Zone (EIIC) was established in 1996 near Cairo International Airport. With a total area of 5.9 million square meters, EIIC is one of the largest free zones in Egypt. It offers excellent infrastructure, facilities and services to facilitate business operations. Key infrastructure includes paved roads, electricity, water, sanitation, advanced telecom networks, warehouse facilities and an on-site customs center.
EIIC focuses on attracting foreign investment in various industries such as electronics, pharmaceuticals, medical equipment, automotive, aerospace, textiles and furniture manufacturing. Major multinational corporations with operations in EIIC include Microsoft, Sony, Samsung, Daikin and Pfizer.
The zone provides a range of incentives and benefits for investors. This includes a tax holiday of 50 years, no restrictions on foreign currency transfers, no minimum capital requirements, and the ability to operate under a one-stop shop system for licensing and approvals. Businesses are also exempt from sales tax and export/import duties within the zone.
Overall, EIIC provides an ideal location and supportive environment for foreign companies to establish manufacturing or services operations to serve the Egyptian market and export to regional markets.
Other Major Free Zones in Egypt
In addition to EIIC, Egypt has established several other free zones to promote foreign investment. Below are some of the major free zones:
– Nasr City Free Zone: Established in 1996 close to Cairo. Focuses on electronics, engineering, pharmaceuticals, medical equipment, chemicals and food processing.
– Alexandria Public Free Zone: Started operations in 2004. Covers an area of 1.25 million sqm. Industries include electronics, textiles, clothing, chemicals, engineering, pharmaceuticals.
– Suez Public Free Zone: Located near the Suez Canal. Priority industries are petrochemicals, chemicals, vehicle assembly, electronics and logistics.
– Ismailia Public Free Zone: Situated near the Suez Canal city of Ismailia. Main industries are textiles, ready-made garments, home furnishings and electronics.
– Damietta Port FZ: Located at an important port city in the Nile Delta region. Key sectors include furniture, chemicals, electronics and food processing.
– Port Said Public Free Zone: At the northern end of the Suez Canal. Industries include chemicals, vehicle assembly, electronics and construction equipment.
– Media Public Free Zone: Located in 6th October City near Cairo. Focuses on film production, media services, TV broadcasting and information technology.
Foreign investors can choose a suitable free zone based on location, available infrastructure, target industries, incentives offered and proximity to key export markets. The streamlined business set up process, tax incentives and access to infrastructure make Egypt’s free zones an attractive option.
Egypt’s free zones like EIIC provide an advantageous environment for foreign companies to establish operations and access the domestic Egyptian market. With ready infrastructure, business friendly policies, tax incentives and ease of licensing, the free zones help attract export-oriented FDI in diverse manufacturing and services industries.