China’s Zhejiang Hongda to build textile plant in Egypt’s West Qantara – SCZONE

China’s Zhejiang Hongda Chemicals Co.Ltd will invest $20 million to build a textile manufacturing and processing facility in Egypt’s West Qantara Industrial Zone, the Suez Canal Economic Zone (SCZONE) said on Monday.

The project will be built on a 60,000-square-metre site and is expected to create around 500 direct jobs, with about 70 per cent of production earmarked for export markets, according to SCZONE.

SCZONE Chairman Waleid Gamal El-Dien said the West Qantara zone is attracting increasing foreign investment across textiles, garments, food industries, and logistics.

The zone currently hosts 53 industrial, logistics, and service projects with total investments of about $1.48 billion, SCZONE said. The projects are expected to generate around 69,000 direct jobs, it added.

Egypt has been promoting the Suez Canal Economic Zone as a regional manufacturing and logistics hub linking Africa, Europe, and the Middle East, as it seeks to expand exports and attract foreign investment.

SCZONE said the new investment adds to a growing cluster of textile and garment manufacturers in West Qantara, one of the country’s key industrial zones for export-oriented industries.

The authority continues to expand infrastructure and utilities across its industrial zones and ports to support rising investment demand, it said.

Attribution: Amwal Al Ghad English