50 Egyptian QIZ companies fulfilled 13.7% Israeli inputs

The joint Israel-Egypt Qualified Industrial Zones (QIZ) committee met last week in Jerusalem to examine the first quarter operation of the QIZs.
 
Ministry of Industry and Trade Foreign Trade Administration Middle East desk director Mr.Gabi Bar, Israeli co-chairman of the committee, said in a press release that 50 of the 54 Egyptian companies cooperating with Israeli companies in the joint QIZ would continue operating in the next quarter.
 
Bar noted that during the first quarter of the joint Israeli Egyptian QIZ’s operation, the Egyptian companies bought 13.7% of inputs from Israeli companies, above the 11.7% minimum requirement. The jointly produced goods are exempt from US customs upon entry to the US market.
 
He added that the Egyptian QIZ participants exported to the USA goods valued at $62 millions during the first quarter. It means that the Israeli participants exported goods valued at $8.5 millions during same period.
 
According to Bar, 50 Egyptian companies met the minimum condition of Israeli inputs under the QIZ agreement. Bar noted, however, that 4 Egyptian companies failed to meet the minimum condition, and were, therefore, disqualified.
 
Bar expressed the Ministry's satisfaction with the first quarter results.