Al-Ganzoury Supports Local Investments

Prime Minister, Dr. Kamal Al-Ganzoury, held meeting of the committee on investors’ lands in logistic zones, in attendance of Ministers of Interior, Industry and Foreign Trade, Supply and Home Trade, Cairo and Giza Governors, as well as General Secretary of the Cabinet of Ministers, Head of GAFI and Head of the Internal Trade Development Authority. The Minister of Supply stated that the meeting reviewed projects of the new generation including the trade complex and logistic services aiming to encourage the local investments, as well as encouraging and supporting projects related to storing, transport, preservation, disposal, and allowing mega trade points for consumers including the wholesale, half-sale and retail. These projects aim at finding direct and indirect jobs, the Minister said, adding that the government will not allow any investment acts which is based on the agricultural lands violations and trade constructions establishment.

Dr. Al-Ganzoury called for the necessity of finding real alternatives, and amending investors’ contracts conducted in the old regime for establishing mega developed trade projects away from the agricultural lands and the high population areas, as well as avoiding the international arbitration. Giza governorate, the Minister said, will offer new locations at the beginning of Cairo-Alexandria desert road for establishment of trade complex, to affiliate “Makro Cash. He added that the National Institution for Transport refused establishment of trade complex for “Carrefour” at Al-Mukttam road, and 8 acres were allocated for Makro therein then canceled and this issue will be offered for the dispute settlement committee. He noted that Carrefour location at the 4th Kilo of Suez road needs approval from the armed forces and the traffic authority.

The Minister of Interior promised to remove all violations on the trade projects at Luxor, and these problems were repeated in other locations at Mansoura road for establishment of trade complex on 105 acres based on decree by the former agriculture minister on lands expropriation from farmers where the company will negotiate with them for compensation.

The meeting tackled problems facing some projects including Makro Cash and Carry in Fesial area-Giza, as implementation actions started and then it was found that the project will increase traffic overcrowding and negatively affect other projects therein, therefore it was agreed on offering new locations in Giza at the investment zone starting from Al-Remayia Square to fees collection gate. In this concern, a meeting will be hold between representatives of the company board, Giza governor and GAFI board chairman to find alternative location for the project away from referring the issue to international arbitration. The Minister added that another meeting will be held between Cairo Governor and representative of Carrefour Al-Mukttam, and reprehensive of the trade development authority to set traffic amendment aiming to solve the problem. The Trade Development Authority is working to find solution for all problems raised in the three governorates namely Luxor, Mansoura and Damnhour to avoid the international arbitration.