July 18, 2012

Mohamed Sanaa, Investor Relations Manager at Egyptian Transport & Commercial Services Co. (EGYTRANS) said that the EGYTRANS vehicle Storage license is reactivated in Port Said Free Zone for 3 years with a number of other companies begin to work again in the same zone.
Mr. Sanaa added that the operations in the free zone based on customs clearance, and thus there will be no need to buy new equipment as all the work requirements are available since the decision issued by the General Free Zone Investment Authority in 2009.

Mr. Sanaa expected that the issuance of some resolutions will contribute in encouraging the customs clearance activity, the most important of which is the return of Port Said city to be a free zone which will help in increasing the ports activity in Port Said in addition to the presidential decree concerning the addition of an import share of EGP 10 million for 2012 free from customs duties to reach EGP 30 million according to Law no. 119.
It is noteworthy that the Free Zone Board of Directors is distributing this import share free from tax according to the rules and principles set by law.
In a statement issued two days ago, EGYTRANS expected to achieve profit of EGP 1.5 million by the end of this year and EGP 3.5 million during 2013.

Source:Al Mal Newspaper