Cairo - Mubasher: Waleid Gamal El-Dien, Chairman of the Suez Canal Economic Zone (SCZone), signed agreements with Chinese firms to implement projects in the West Qantara Industrial Zone, with investments surpassing a value of $100 million.
Gamal El-Dien announced the investment on the slides of a round table with Chinese companies specialised in the manufacture of textile materials and ready-made clothing, according to an official statement.
The Chairman inked a usufruct deal with Hengsheng Dying Zhejiang Company to establish a textile manufacturing project in the West Qantara Industrial Zone on an area of 200,000 square metres (m2) and a total investment of $70 million.
He also penned three letters of intent (LOIs), one of which was with Shaoxing Yuding Textile Company to carry out a new factory DINGHANG Egypt Company on an area of 12,700 m2.
The factory, which will be developed with investments of $5 million, aims to export 90% of the total production to the American and European markets.
Gamal El-Dien also signed LoI with Wang Xiao Rong, Chairman of Shengzhou Captain Industrial and Trading Company Limited for a project to manufacture spandex, polyester, and elastic yarns in the West Qantara Industrial Zone. It will span 12,000 m2 with a total investment of $5 million
The SCZone’s head unveiled a LoI with Indochine Holdings Pty Limited, an Australian investment firm headquartered in China. The parties will build a new factory on an area of 65,000 m2, with total investments valued at nearly $21.30 million.
On a separate note, he underlined that the Chinese investments in the Sokhna Integrated Industrial Zone crossed $2 billion.
