Egypt Attracts More Investments from Chinese Textile Firms
Egypt’s SCZONE has inked agreements totaling more than $100 million with Chinese textile and apparel producers to establish factories in the West Qantara Industrial Zone in Egypt.
“These agreements were signed during an investment promotion tour in China, the second such tour after the first one in May 2023,” a SCZONE press release said.
An agreement with inked with Shaoxing Yuding Textile to set up a factory over an area of 12,700 sq. metres at an investment of $5 million, which will export 90 percent of its output to the US and EU
Other deals include Zhejiang Hengsheng Dyeing Company which will establish a dyeing, processing, and textile manufacturing project over an area of 200,000 sq. metres at an investment of $70 million.
Shengzhou Captain Industrial & Trading will establish a project to manufacture spandex, polyester, and elastic yarns on an area of 12,000 sq. metres at a total investment of $5 million.
Garment manufacturer Indochine Holdings will establish a factory over an area of 65,000 sq. metres at a total investment of approximately $21.3 million.
During the previous tour in May, the SCZONE chief had signed an agreement with apparels manufacturer Shanghai Shengda to invest $28.5 million for a factory in the West Qantara Industrial Zone.
The press release added that Chinese investments in SCZONE’s Sokhna Integrated Industrial Zone currently amount to more than $2 billion.
