- October 15, 2023
- Posted by: Ahmed Abed
- Category: 2023, EN
Mr. Waleid Gamal El-Dien, chairman of the Suez Canal Economic Zone (SCZONE), arrived in the city of Hangzhou in Shanghai, to discuss Means of cooperation with investors and businessmen in several fields, most notably the textile industries and other targeted sectors for SCZONE.
On the first day of his second promotional tour in the People’s Republic of China, the chairman of SCZONE attended a round table with Chinese companies specialized in the manufacture of textile materials and ready-made clothing, and major textile manufacturers. The round table discussed investment opportunities within SCZONE as well as the targeted industrial sectors. This visit comes after the promotional tour carried out by the chairman of the SCZONE in China, last May, which resulted in the signing of several projects, including the signing of a letter of interest with Shanghai Shengda Company, which specializes in the manufacture of ready-made garments and accessories. The LoI turned into the final contract between the two sides Last July, with investments amounting to $28.5 million. It was the first project established in the West Qantara Industrial Zone. This encouraged many Chinese investors in the clothing and textile industry to cooperate with SCZONE and establish their projects specifically in the West Qantara Industrial Zone.
On the sidelines of the roundtable discussions, Mr. Waleid Gamal El-Dien, chairman of SCZONE, this morning, signed Usufruct agreement with Hengsheng Dying Zhejiang Company, regarding the establishment of a dyeing, processing, and textile manufacturing project in the West Qantara Industrial Zone on an area of 200 thousand square meters with a total investment of 70 million US dollars.
The chairman of SCZONE also signed 3 letters of interest regarding establishing textile projects for which contracts will be signed in the coming months. The first was with Shaoxing Yuding Textile Company, which is a company specializing in the production and trade of fabrics. The company aims to establish a new factory under the name “DINGHANG. Egypt Co” in the West Qantara Industrial Zone, on an area of 12.7 thousand square meters, with investments of $5 million. The factory also aims to export 90% of the total production to the American and European markets.
The Chairman of SCZONE also signed LoI with Ms. Wang Xiao Rong, Chairman of the Board of Directors of Shengzhou Captain Industrial & Trading Co., Ltd, regarding establishing a project to manufacture spandex, polyester, and elastic yarns in the West Qantara Industrial Zone on an area of 12 thousand square meters with a total investment of $5 million.
In addition to signing LoI with Indochine Holdings Pty Ltd, an Australian investment company founded in 2004 and headquartered in Hangzhou, China, with global experience in designing and manufacturing clothing. It aims to establish a new factory in West Qantara Industrial Zone on an area of 65 thousand square meters, and the total investment is estimated at approximately $21.3 million. It also aims to export all manufactured products to the American and European markets.
“These projects represent a consolidation of the strong economic relations between SCZONE and Chinese investments, especially since these projects are in the West Qantara Industrial Zone, which is a promising industrial zone on an area of 19.5 million square meters. This industrial zone can hold the continuation of the Chinese investment successes within SCZONE as what happened in the Sokhna Integrated Industrial Zone, whose Chinese investments amounted to more than $2 billion. These projects also come within the framework of the targeted industrial sectors that SCZONE aims to localize. Therefore, the projects that were signed today, which exceed more than $100 million of investments reflect the extent of mutual trust and shared visions between the two sides, and open new horizons for Chinese investments in the Middle East region, especially the clothing and textile industries.” Mr. Waleid Gamal El-Dien, chairman of SCZONE declared.
