SCZONE receives $100M in investments for new textile projects in West Qantara

CAIRO - 16 October 2023: Chairman of the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din visited Shanghai, where he signed agreements with Chinese investors and businessmen, primarily focusing on the localization of various industries within the SCZONE's ports and regions. Notably, the textile sector emerged as a key area of interest during these discussions.

The SCZONE in collaboration with several leading Chinese companies, has officially signed agreements to establish textile projects valued at $101.3 million. These projects will be situated within the West Qantara Industrial Zone.

SCZONE’s Chairman signed a usufruct agreement with Hengsheng Dying Zhejiang Company to establish a dyeing, processing, and textile manufacturing project within the West Qantara Industrial Zone. With a total investment of $70 million, the project will span over an area of 200 thousand square meters.

Furthermore, during the visit, El-Din also signed three letters of interest with prominent textile companies. These letters of interest signify the intention to establish textile projects, with formal contracts set to be signed in the upcoming months.

Shaoxing Yuding Textile Company plans to construct a new factory, Dinghang Egypt, with investments totaling $5 million. Covering an area of 12.7 thousand square meters, the facility aims to export 90% of its production to the American and European markets.

In addition to that, Shengzhou Captain Industrial & Trading, which aims to invest $5 million in the manufacturing of spandex, polyester, and elastic materials occupying an area of 12 thousand square.

Moreover, Indochine Holdings, a key player in the textile industry, intends to establish a new factory spanning 65 thousand square meters, with investments amounting to approximately $21.3 million. It also aims to export 100% manufactured products to the American and European markets.