Chairman of the Suez Canal Economic Zone Authority (SCZone)Walid Gamal Eddin on Sunday signed two new contracts at the SCZone’squarters in the Administrative Capital for two new projects in the West Qantara Industrial Zone, with total investments worth $28 million.
The two projects will operation in fields of textile manufacturing, printing and dyeing, on a total area of 100,000 square meters, providing 800 direct job opportunities.
The SCZone chief signed a contract for the project of “Changzhou Kingcason Printing and Dyeing Co. Ltd.”, a Chinese company specialised in manufacturing textile yarns, textiles, dyeing, printing, knitting and design.The project will be built on a total area of 60,000 square meters, with total investment of $24.5 million (LE2 billion), and is expected to provide 500 job opportunities. Total production will be for export purposes. Gamal Eddin signed the contract with company chairwoman.
Gamal Eddin signed a second contract for a project of the Chinese company ”Shanghai Honour Home Textile” for manufacturing fabrics and home textiles, in partnership with one of its companies in the UAE (Home Hub Textile).
Total investment cost of the project hits $3.5 million dollars (LE177 million), and it will be built on an area of 40,000 square meters. It is expected to offer 300 direct jobs. Total products will be exported.Thus the authority has signed contracts for 14 projects in the West Qantara Industrial Zone, with totals investment of $542.3 million , over the past 20 months, which is a developmental achievement at various levels, SCZone boss commented.
He voiced appreciation to investors and manufacturers who chose the West Qantara Industrial Zone as their business destination, and stressed that such fruitful co-operation will contribute to a qualitative leap in the garment and textile sector in Egypt.
The two new contracts in textile manufacturing reflects the authority’s extensive commitment to attracting investments, supporting localisation of targeted industries, and creating sustainable job opportunities, he said.Ther textile sector is a key one for the national economy, not only for its role in promoting Egyptian exports, but also for the wide employment opportunities it provides.
