CAIRO – 28 December 2023: The Suez Canal Economic Zone (SCZONE) has entered into a contract with the Chinese company Henneway to establish a factory for producing luggage in the Qantara West Industrial Zone with investment of $50 million.
The project is set to commence its operations in the first quarter of 2025, creating around 2,000 job opportunities.
The Qantara West Industrial Zone, under its initial phase, encompasses a range of projects with a combined investment value of $1.07 billion. These projects span various sectors including textiles, fabrics, spinning and weaving, ready-made clothing, medical devices, and sportswear, according to a statement by the Chairman of SCZONE, Walid Gamal El-Din.
Building upon the ongoing collaboration between China and SCZONE, a letter of intent was signed in November with the Chinese company BEFAR Group. This agreement aims to establish an industrial green complex within the East Port Said Integrated Zone of SCZONE.
The green complex is projected to attract a total investment of approximately $2 billion, with an initial investment of $500 million and the potential to employ nearly 1,000 Individuals.
Moreover, Xinxing Cathay International Group, in October, announced its investment of $1.08 billion in two factories located in SCZONE. During a meeting with Prime Minister Mostafa Madbouly and SCZONE head Walid Gamal El Din, the head of Xinxing, Jia Shirui, made this announcement.
In September, Hisham Amna, the Minister of Local Development, disclosed that the trade volume between Egypt and China had reached $20 billion.
Furthermore, Egypt's total exports to China in May 2023 amounted to $152 million, a significant increase compared to the approximate $60 million recorded in 2022.
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