TradeInvest Africa (Cape Town)
28 April 2009
Spanish firm Consorci de la zona is partnering with Egypt's Pyramids Industry Parks to build an industrial zone worth $250 million.
The zone is expected to attract investors to Egypt.
Officials at the Ministry of Trade and Industry said the investment augured well for the country amid hard times caused by the world financial downturn.
The zone, situated in Ramadan city, could create 20,000 jobs and is expected to draw European companies once complete.
Egypt is currently trying to attract investors through incentives such as low corporate tax rate of 20%, reduced bureaucracy and improved infrastructure.
The country recorded economic growth of 7.2% in 2007-2008, but expects it to slow to 4 to 4.5% in 2008-2009.
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