IslamicFinance.de

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. Investors will not pay any taxes. 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. Moreover, the businesses will be insured by the World Bank. The goal is to bring the legal framework and corporate capacity in Palestine to international standards.