The General Authority for the Suez Canal Economic Zone signed a contract with Chinese firm Zhejiang Hongda to build a $20m textile manufacturing project in Qantara West Industrial Zone.
The contract was signed on Monday at the authority’s headquarters in the Administrative Capital. SCZone Vice Chairman for Investment and Promotion Mostafa Shekhoun signed for the authority while Maliang Lin and Abdel Malek Al-Dhabi signed for the company in the presence of SCZone Chairperson Walid Gamal El-Din.
The project covers 60,000 square metres and is projected to create about 500 direct jobs. The facility is expected to export 70 percent of its production.
Gamal El-Din said the Qantara West zone is seeing rapid growth in foreign investment in textiles and ready-made garments. The zone now hosts 53 active projects with total investments of $1.48bn.