Chairman of Suez Canal Economic Zone (SCZone) Walid Gamal Eddin on Sunday attended the laying of the foundation stone for the Cady factory, which will produce high-quality textiles and environment-friendly clothing using smart manufacturing methods.
The factory was built within the expansions of the industrial developer TEDA-Egypt in the Sokhna Integrated Industrial Zone. Constructed on an area of 145,000 square metres, the factory is the largest within the TEDA region.
This project comes within the framework of constructive economic co-operation between the SCZone and Chinese industrial zone, TEDA-Egypt, which comprises more than 130 industrial and service facilities with investments of $1.6 billion.
The Cady Factory for Textile Industries will export to European and American markets.
By the end of 2024, the factory will be producing 50,000 tons of fabrics and 8 million pieces of seamless clothing annually, costing $60 million with projected sales revenues of $150 million.
Gamal Eddin voiced satisfaction with the diversity of projects being set up in the SCZone and the partnership with Chinese investors.
The Cady factory will be part of SCZone strategy for sustainable development and transition towards green economy.
For his part, Vice Board Chairman of TEDA China-Africa, Lee Seng Chen, expressed appreciation at establishing Cady Egypt project, which was listed on the Shanghai Stock Exchange last year.
Lee also thanked the SCZone for creating a favorable investment climate and supporting Chinese companies in development and prosperity, coinciding with the 15th anniversary of establishing industrial developer TEDA Egypt and the 10th anniversary of the Belt and Road Initiative.
The company manufactures polyester fabrics, dyes and prints polyester textiles at 10 million pieces annually, he added.
He said that as per the Belt and Road Initiative, the company decided that Egypt would be the first destination for its foreign investments.