Chinese Hengcheng Textile Factory Boosts Sczone’s Economic Growth By $70MSource: www.export-egypt.com 7/14/2024, Location: Africa |
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In the Qantara West Industrial Zone of the Suez Canal Economic Zone (SCZone), the groundbreaking ceremony for the Hengcheng textile factory took place. This factory, backed by investments of $70 million, signifies a significant boost to the textile industry.
It is expected to achieve annual sales of $300 million, contributing to industry growth. Spanning a total area of 200,000 square meters, the factory will be developed in two phases, with each phase covering 100,000 square meters. The establishment of this factory will create approximately 1,500 direct job opportunities, furthering employment prospects in the region. The signing ceremony, attended by key figures such as Walid Gamal El-Din, Chairman of SCZone, Chen Song Fu, President of Hengcheng Company, and the Deputy Governor of Ismailia, marked a crucial milestone in SCZone’s development. This event not only attracts foreign investment but also fortifies Egypt’s textile industry. The success of SCZone in attracting potential investors in the Qantara West zone is evident, with around 15 companies expressing interest in investment. El-Din confirmed that among these, six companies have already signed final contracts for their projects, while two companies are in the process of finalizing their agreements. Additionally, seven other companies are diligently completing the necessary procedures to commence their operations in the zone. These projects’ implementation will pave the way for approximately 18,000 job openings, fostering economic sustainability in Qantara West. Moreover, with 80 percent of these companies focusing on international markets, this initiative aligns perfectly with Egypt’s vision of enhancing export development. |
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