A Turkish delegation advancing plans for a Palestinian industrial zone next to northern West Bank city Jenin, visited Israel last Monday and met with an Israeli official to discuss the project.
The zone is initially supposed to occupy approximately 1,300 dunam (321 acres) of land and there are plans for its expansion.
The land was bought by the Palestinians for US$10 million, and Turkey was expected to invest US$100 million in the project. The initiative was being conducted in collaboration with the US, EU and Israel, and products produced in the zone will be fully exempted from US duties.
Investors who participate in the project will not pay any taxes. Moreover, they will be getting significant support from Turkey, Germany and the U.S.. The goods produced in the zone will be available for export to world markets, including Germany, France, Saudi Arabia and the U.S., without any duties or quotas.
The businesses operating within the free zone will be insured by the World Bank.
