The General Authority for the Suez Canal Economic Zone (SCZone) signed a contract on Monday with Chinese company Zhejiang Hongda to establish a $20m textile manufacturing and processing project in the Qantara West Industrial Zone.
The development, which spans 60,000 square metres, carries an investment cost of $20m and is projected to create approximately 500 direct jobs, according to an SCZone statement. The facility is expected to export 70 percent of its total production. The contract was signed at the authority’s headquarters in the Administrative Capital by SCZone Vice Chairman for Investment and Promotion Mostafa Shekhoun, and the company’s owners, Maliang Lin and Abdel Malek Al-Dhabi, in the presence of SCZone Chairperson Walid Gamal El-Din.
Speaking on the sidelines of the signing ceremony, Gamal El-Din said the Qantara West zone is experiencing rapid growth in attracting direct investment from various countries across priority sectors, led by textiles, ready-made garments, food industries, and logistics operations.
The total number of active industrial, service, and logistics projects in the Qantara West Industrial Zone has reached 53, Gamal El-Din said. Total investment costs for these projects have reached $1.48bn, covering an aggregate area of more than 3.42m square metres and providing around 69,000 direct jobs.
Gamal El-Din added that every new project within the targeted localisation sectors in the Qantara West zone directly reduces the import bill, increases Egyptian exports, and satisfies the requirements of both domestic and neighbouring regional markets. He noted that the SCZone remains committed to providing all necessary support to investors and industrial developers, ensuring that infrastructure and utility projects are completed according to scheduled timelines to meet demand across the authority’s industrial areas and maritime ports.
