Egypt: MFTI Approves 397 Companies to Join QIZ Agreement
The government has approved 397 out of a total of 440 applications submitted by local companies to join the Qualified Industrial Zones Agreement, according to Rachid Mohammad Rachid, Egypt’s Minister of Foreign Trade & Industry.
Egytex News Desk
Egytex
In a press conference Tuesday night, Rachid said, “Other companies were excluded as they could not qualify for the agreement requirements, which allow for duty-free exports to the US market only for products that include at least 11.7 per cent Israeli component.”
The Ministry of Foreign Trade & Industry stopped receiving new application on Monday after three weeks when companies were illegible to apply for the QIZ.
Signed between Egypt, the US and Israel two months ago, the agreement allows Egyptian companies in three major regions (Greater Cairo, Alexandria and Port Said) to join the QIZ as a step towards selling their goods customs-free in the US market.
The number of companies joining the QIZ in Alexandria stood at 112; in Port Said, 45; while in the rest came from Cairo with 111 companies from the 10th of Ramadan City, 68 companies from Shubra al-Khaima, 37 companies in Nasr City, 11 companies in Badrashin, and 8 in the May 15 City.
Some 355 of these companies produce textiles and ready made garments, with the remaining companies operating in the food, leather, marble and furniture industries.
From the Egytex news archive, first published on 26 February 2005. Figures and names are as reported at the time.
