SCZone witnesses groundbreaking ceremony for $70M Hengcheng textile factory

The Suez Canal Economic Zone (SCZone) witnessed the groundbreaking ceremony for the Hengcheng textile factory with investments of $70 million in the Qantara West Industrial Zone.

The project is projected to achieve annual sales of $300 million, contributing to the growth of the textile industry.

The factory is located on a total area of 200,000 square meters in two phases, with 100,000 square meters per phase, and provides about 1,500 direct jobs.

The signing ceremony was in the presence of Chairman of SCZone, Walid Gamal El-Din, Chen Song Fu, President of Hengcheng Company, and the Deputy Governor of Ismailia.

This event marks a crucial step in SCZONE’s development, attracting foreign investment and bolstering Egypt’s textile industry.

The SCZONE has achieved success in attracting approximately 15 companies interested in investing in the Qantara West zone, El-Din confirmed.

Among them, six companies have already signed final contracts for their projects, while two companies are in the process of finalizing their agreements.

Additionally, seven other companies are currently completing the necessary procedures to commence their operations in the zone.

The implementation of these projects will pave the way for approximately 18,000 job openings, fostering economic sustainability in Qantara West.

With 80% of these companies’ production geared towards international markets, this initiative aligns with Egypt’s vision of enhancing export development.