RAMALLAH, Wednesday, October 17, 2018 (WAFA) - The Palestine Investment Fund (PIF) and the Palestinian Industrial Estates and Free Zones Authority, represented by the Minister of Economy Abeer Odeh, signed on Tuesday the concession agreement for the development and operation of a multi-sector industrial area in Tarqumiya, in the south of the West Bank, a PIF statement said on Wednesday.
The Tarqumiya industrial city project is expected to be the largest among industrial cities and is planned to utilize a total area of 1542 dunums of lands in Tarqumiya and Beit Olla in the Hebron Governorate, the largest part of which is located in areas designated as Area C, that is under full Israeli control. Cost is also estimated at about $160 million.
Upon its completion and operation, it will provide tens of thousands of direct and indirect jobs in addition to reducing the cost to the Palestinian private sector in terms of transport, warehousing, inspection, customs, and clearance, said the statement.
The industrial zone will provide strategic silos and warehouses for essential items such as petroleum, as well as provide a logistics and bonded center, allowing Palestinian goods imported through Israeli ports to enter Palestine directly without the need for its withholding or passing through Israeli customs. Preliminary estimates available indicate the interest of a number of industries such as plastics, aluminum, pharmaceuticals, information technology and food to establish themselves in the industrial zone.
Under the concession agreement, PIF will complete the detailed studies as well as bearing the costs of developing and operating the project and equipping it from all aspects of the necessary infrastructure such as road networks, transportation, main communication lines, water pipes, sewage system, and electricity, including renewable energy. PIF will also attract investors to the developing company once properly established.
“This agreement is among the top priorities of PIF, focusing on industrial zones and cities that promote Palestinian exports, diversify markets, and facilitate trade movement based on its proximity to the Tarqumiya crossing-point (with Israel) and international ports,” said the PIF statement.