Sczone Celebrates Laying Foundation Stone for Chinese “Cady Egypt” With $60 Mln InvestmentsSource: www.export-egypt.com 8/27/2023, Location: Africa |
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The General Authority of the Suez Canal Economic Zone (SCZONE) announced, this morning, the laying of the foundation stone for Cady- Egypt factory, which specializes in manufacture of high-end functional green and environmentally friendly textile fabric and seamless garment intelligent manufacturing by using smart manufacturing methods, within the 6 km phase of the expansions of the industrial developer TEDA-Egypt in the Sokhna Integrated Industrial Zone.
The project is located on an area of 145.5 thousand square meters, as the factory is the largest in the area within the scope of TEDA-Egypt. This project comes within the framework of constructive economic cooperation between SCZONE and Chinese investments, as the Chinese industrial zone, TEDA - Egypt, comprises more than 130 industrial and service facilities with investments amounting to $1.6 billion. The project consists of 6 buildings that will established in 3 phases, with the first phase of the project starting in 2023 and ending before the end of 2024. The production capacity after the completion of construction will be about 50 thousand tons of environmentally friendly fabrics and textiles and 8 million pieces of Seamless clothing annually, with a planned investment for the company in Egypt amounting to $60 million, and an estimated sales volume of $150 million. “We are proud of the diversity of the projects being held within SCZONE, especially the fruitful partnership with Chinese investments, which is expected to witness more cooperation in the coming months. We are keen on supporting the textile sector, for which SCZONE provides the infrastructure, legislative frameworks, and trade agreements that allow access to neighboring markets,” Waleid Gamal El-Dien, chairman of SCZONE declared. ” I’m happy to lay the foundation stone for the Cady Egypt project. The company was able to be listed on the Shanghai Stock Exchange market, which expresses the strength of this company. I want to thank SCZONE for creating a favorable work environment and supporting Chinese companies, in coinciding with the 15th anniversary of the industrial developer TEDA Egypt's existence and the 10th anniversary of the Belt and Road Initiative,” Lai Siqing, Vice Chairman of TEDA China – Africa said. “The company specializes in the manufacture of polyester fabrics, dyeing, and printing works for polyester textiles. The company's total production capacity is about 10 million pieces annually. In light of the existence of the Belt and Road Initiative, our decision was that Egypt would be the first station for our foreign investments. The company aims to work on high-end environmentally friendly fabrics,” Shi Yi, CEO of Zhejiang Cady Industrial Company said. |
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