Cabinet ratifies draft resolution on establishing Egyptian-Italian free zone in Ain Sokhna
Updated 11/9/2023 7:20:00 AM
Arab Finance: The Egyptian cabinet has endorsed a draft resolution on the establishment of a private free zone, referred to as the Egyptian Italian Company for Sustainable Technological Industries (SIM-TECK), in Ain Sokhna, as per a statement.
To be set up on a 40,000-square-meter area, the zone will be specialized in establishing and operating high-quality feldspar, silica-free bioquartez, and silica-free lapitec factories.
Under the resolution, the firm will export at least 80% of its annual production abroad and use local components in 90% of its production over a maximum of three years as of operation date.
The cabinet has also authorized the Suez Canal Authority (SCA) to take part in the incorporation of a joint stock company to manufacture, maintain, and export yachts and marine units.
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