Greece Inks First Garment Investment Deal in Egypt’s Suez Canal Economic Zone

In a landmark move symbolizing deepening economic ties between Egypt and Greece, the Suez Canal Economic Zone (SCZone) has signed its first industrial investment agreement with a Greek garment company. 

The $4 million deal will see the construction of a ready-made garment factory in the Qantara West Industrial Zone in Ismailia, offering a thousand direct job opportunities.

The agreement was signed on Wednesday by Walid Gamal El-Dein, Chairman of the SCZone, and Marinos Tzanidakis, CEO of the Greek company behind the project, during a formal ceremony attended by senior representatives from both parties.

Set to span 7,000 square meters, the new factory aims to export 70% of its output, positioning Egypt as a growing player in global textile supply chains.

“This is a milestone for us, the first Greek industrial investment in the SCZone. It opens the door for broader partnerships with Greece, especially given our shared Mediterranean geography and historic ties,” said Gamal El-Din.

The chairman emphasized that Qantara West has emerged as a textile and garment manufacturing hub, attracting diverse international investors. The newly signed project brings the total number of operational ventures in the zone to 36, spanning sectors such as textiles, food processing, and logistics.

According to official data, these projects now occupy more than 2.3 million square meters and have generated investments nearing $1 billion, collectively creating over 52,000 direct job opportunities.

Gamal El-Dein further highlighted the strategic role the SCZone plays in Egypt’s broader economic vision.

“We are committed to expanding local manufacturing, creating jobs, and boosting exports in line with national objectives. Projects like this underscore the SCZone’s success in transforming into a global industrial hub.”

While economic collaboration between Cairo and Athens has been strengthening in recent years, particularly in energy, defense, and tourism, this agreement marks a tangible shift toward industrial cooperation, with expectations for more Greek investments to follow.