Egypt has signed a deal worth $100 million for multiple Chinese textile and apparel projects.
This development follows a visit by the president of SCZONE (Suez Canal Economic Zone) to Hangzhou in Shanghai, where he engaged with investors and business owners in the textile and garment sector.
The agreement encompasses several significant ventures. Firstly, a letter of interest signed last year with Shanghai Shengda Company has now evolved into a final contract, with an investment of $28.5 million. This marks the first Chinese project in the West Qantara Industrial Zone and has encouraged further collaborations in the area.
Additionally, SCZONE’s chairman has recently announced a new project involving dyeing, processing, and textile manufacturing with Hengsheng Dying Zhejiang Company, with an investment of $70 million.
Another letter of interest has been signed with fabric producer Shaoxing Yuding Textile Company, which intends to establish a new factory investing $5 million. Shengzhou Captain Industrial & Trading, a supplier for US retailer Target, also aims to invest $5 million in manufacturing spandex, polyester, and elastic yarns.
Lastly, Australian company Indochine Holdings Pty has outlined plans for a new factory in the West Qantara Industrial Zone, investing $21.3 million.
The projects signify a consolidation of the economic ties between SCZONE and Chinese investments and open up new opportunities for Chinese businesses in the Middle East region, particularly in the clothing and textile industries.
