Turkey to Build Industrial Zone in West bank
World Economy

Turkey to Build Industrial Zone in West bank

Turkey is going to establish an organized industrial zone in the Palestinian city of Jenin in the West Bank, according to a memorandum of understanding co-signed on Wednesday. The memorandum was signed by Turkey’s Science, Industry and Technology Minister Fikri Isik, and Palestine’s Deputy Prime Minister and National Economy Minister Mohammed Mostafa.
“This will not only be an organized industrial zone, but a free zone as well, offering unique and massive advantages to all investors, whether they are Turkish, Palestinian or other,” Ahmet Sekeroglu, Board Chairman of TOBB-BIS Inc., told Anadolu Agency.
The zone is going to be constructed by TOBB-BIS Inc., an affiliate of the Union of Chambers and Commodity Exchanges of Turkey, better known as TOBB. The goods produced in the zone will be able to be exported to world markets including Germany, France, Saudi Arabia and the US without any duties or quotas, he said.
“The businesses will be insured by the World Bank, too,” he added.
Turkish Industry Minister Isik said that the TOBB project will lead to cooperation between Turkey and Palestine toward building and operating further industrial zones across Palestine, as well as increasing corporate capacity.
Another goal is to bring the legal framework and corporate capacity in Palestine to international standards, he added.
The Jenin Organized Industrial Zone is going to be built on an area of 920,000 square meters, only 30 kilometers from Israel’s Haifa Port and the Jordan-Palestine border, according to TOBB.
The project, which is expected to provide employment to 6,000 people, is also supported by the German government. The scheduled completion date is 2015.


Short URL : http://goo.gl/BVDM5X

You can also read ...

More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...