SCZone Signs Agreement with Chinese Textile Company worth $10 Million

Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) witnessed the signing of a usufruct agreement with the Chinese company Jiangsu Guotai to establish a ready-made garment factory in the Qantara West Industrial Zone.

The factory spans an area of ​​21,000 square meters, with investments of $10 million (500 million Egyptian pounds), and will provide 2,000 direct job opportunities. All of its production will be exported to foreign markets.

Gamal El-Din emphasized that the economic zone continues to attract global investment, with 15 usufruct agreements signed with investments of $490 million, covering more than one million square meters, providing more than 20,000 job opportunities, and 80% of the production exported to Europe and the Americas via the West Port Said Port.

He also indicated that the first two projects in Qantara West are expected to open in the second half of 2025, as part of the Authority's strategy to localize industry and boost exports.

The company is part of the Chinese company, which was founded in 1988 and ranked 329th on the Fortune China 500 list for 2023.

It operates in the textile and garment sector, with annual revenues of $9.2 billion, and has branches in Asia, Europe, and the Americas.