Egypt attracting major investments in domestic trade sector

GMT 17:33 2016 Monday ,04 April

Arab Today, arab today Egypt attracting major investments in domestic trade sector

Supply and Internal Trade Minister Khaled Hanafy
Cairo - MENA

Egypt started to attract large investments in the domestic trade sector through the establishment of chain stores, new markets and logistic centers in the governorates, Supply and Internal Trade Minister Khaled Hanafy said.

The domestic trade sector is the largest in terms of job opportunities offered, the minister said addressing the first Giza investment conference on Monday.

Giza needs development projects with added value targeting the employment of a large number of laborers, he said, adding that the domestic trade sector will carry out several projects in the governorate, such as a factory for packaging food commodities and sugar in the Sixth of October City to achieve an annual surplus of EGP 180 million.

Also, commercial chain stores and logistic areas providing services to investment zones will be established in Giza, he said, adding that 44 outlets will be set up in the governorate to sell different commodities to citizens at the cost price, Hanafy said according to a ministry statement.

For his part, Giza Governor Kamal el Daly said a general scheme for investment opportunities in Giza was laid down, noting that investment and industrial lands will be tendered in the Abu Rawash industrial zone on the Cairo-Alexandria highway.

As many as 288 projects are under establishment in Giza with an investment value of EGP 1.5 billion to provide 15,000 jobs, he said, adding that Giza is capable of attracting foreign investments but this will take place after developing local investments first.

Chairman of the Islamic Chamber of Commerce and Industry Saleh Kamel said that Islamic economy was the only way to achieve comprehensive development and eradicate unemployment in the Arab region.

Attracting investments is Egypt's only way to extricate itself from the crisis, Kamel said.

A real revolution in economic legislation and laws has to be realized to attract investments, he added.

The Islamic Chamber is ready to cooperate with the Giza Chamber of Commerce and other chambers in the field of establishing major investment projects, he said.

Meanwhile, President of the Federation of Egyptian Chambers of Commerce (FECC) Ahmed el Wakil said Giza has a lot of investment potentials in the fields of agriculture, transformative industries, cars, and chemical, food and engineering industries.

Increasing the size of lands for reclamation will help achieve comprehensive economic development, Wakil said.

FECC will support services provided in Giza in the coming period, such as issuing licenses for industrial and commercial stores, issuing commercial registers, offering single-window and tax services and other activities that would contribute to reviving domestic trade in Giza, he added.

For her part, Chairwoman of the Egyptian Emirati Business Council Hind al Qassimi said a club for UAE businesswomen was established in Egypt, noting that huge investment opportunities were available in all Egyptian governorates.

Finally, Chairman of the Giza Chamber of Commerce Adel Nasser said new branches of the chamber will be set up in the districts of Imbaba and Warraq to offer services to traders.

A branch was opened in the industrial zone in the Sixth of October City, increasing the number of its beneficiary members to 125,000 out of a total of 200,000 in the period between 2014 and 2015, Nasser said.

Another branch was opened in Badrashein serving 4,000 members, where more than 5,000 commercial registers and 5,000 certification documents have been issued, he said, adding that it achieved EGP 15 million in revenues.

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