SCZONE signs new textile projects with investments exceeding $100M

Chairman of the Suez Canal Economic Zone (SCZONE), Walid Gamal el Din visited Shanghai to meet with investors and businessmen across sectors targeted for localization in the authority’s ports and regions, most notably the textile industries.

The SCZONE and a number of Chinese companies have signed agreements to establish textile projects worth a combined $101.3 million in investment in the West Qantara Industrial Zone.

During his visit, el Din signed a usufruct agreement with Hengsheng Dying Zhejiang Company, to establish a dyeing, processing, and textile manufacturing project in the West Qantara Industrial Zone with a total investment of $70 million over an area of 200 thousand square meters.

SCZONE chairman also signed 3 letters of interest regarding establishing textile projects for which contracts will be signed in the coming months.

Shaoxing Yuding Textile Company aims to establish a new factory named Dinghang Egypt with investments of $5 million on an area of 12.7 thousand square meters. The factory also aims to export 90% of the total production to the American and European markets.

Shengzhou Captain Industrial & Trading also wants to establish a project to manufacture spandex, polyester, and elastic with $5 million investments on an area of 12 thousand square meters.

In addition to that, Indochine Holdings aims to establish a new factory with investments of almost $21.3 million on an area of 65 thousand square meters. It also aims to export 100% manufactured products to the American and European markets.