The Ministerial Economic Committee in Egypt reviewed the findings of the Egyptian committee assigned to study the proposals of the Qualifying Industrial Zone (QIZ) Agreement unit to double the exports of eligible industrial zones.
The committee also study the plans regarding the unexploited assets of closed factories affiliated to the Public Business Sector ministry in the areas within the geographical limits that are presented within the state’s restructuring plan, and are offered for rent under the usufruct system for “QIZ” areas.
The Egyptian Ministerial Committee stated that it is also developing a plan to revamp the leather industry, especially shoes, owing that Egypt has a comparative advantage in the field.
Egypt signed QIZ agreement with Israel and the United States in December 2004, allowing Egyptian products to enter American markets with no tariffs, provided that Israeli components represent 11.7 percent of these products.
In October 2017, Egypt signed a new agreement with Israel, including a modification of the QIZ deal, reducing the percentage of Israeli components in Egyptian products to 10.5 percent.
