CAIRO: Pledges to Upper Egypt’s Investment Conference are projected to reach 400 billion EGP ($51.08 billion,), Investment Minister Ashraf Salman Tuesday, Youm7 reported.
“The General Authority for Investment (GAFI) headed by Alaa Omar chose about 100 projects out of 320 of the governorates’ projects to be presented for investment,” Salman told Youm7.
According to the minister, the Upper Egypt Investment Conference is to be held in November in Hurghada and the projects to be presented therein include three cement factories, marble and glass factories, besides establishing a number of touristic housing units, hotels and resorts in the Red Sea.
He added that by the next month, the ministry will announce the final projects subjected to preliminary studies.
Salman noted that Upper Egypt has suffered from marginalization during the past years despite possessing huge resources.
“We are looking forward to holding a conference on the same level of Egypt’s Economic Development Conference (EEDC), held in last March,” said Salman in June.
Agriculture Minister Salah Helal told Youm7 that there are integrated proposals to encourage agriculture development and investment in Upper Egypt, include desert land reclamation and animal and poultry projects.
Salman emphasized the importance of setting mechanisms to achieve targeted development in Upper Egypt’s governorates, adding that the new investment law, ratified by President Abdel Fatah al-Sisi in March, would provide many incentives that could boost investment, especially in remote areas like some investment-deprived Upper Egypt governorates.
The new law includes amendments on regulations of micro industries, mining and local product priority legislation.