Mr. Waleid Gamal El-Dien, the Chairman of the Suez Canal Economic Zone (SCZONE), embarked on a productive visit to Hangzhou, Shanghai, to explore collaboration opportunities with investors and entrepreneurs across various sectors, with a particular focus on the textile industry and other key sectors of interest to SCZONE.
During his visit to the People’s Republic of China, the Chairman of SCZONE engaged in a roundtable discussion with Chinese companies specializing in textile manufacturing and ready-made clothing, as well as major textile manufacturers. The discussions centered around investment prospects within SCZONE and its targeted industrial sectors.
This visit builds upon the Chairman’s previous promotional tour in China in May, which resulted in several significant projects, including a letter of interest (LoI) signed with Shanghai Shengda Company, a ready-made garment and accessories manufacturer.
This LoI subsequently transformed into a final contract valued at $28.5 million in July, marking the first project in the West Qantara Industrial Zone. This success has encouraged numerous Chinese investors in the clothing and textile industry to explore cooperation with SCZONE and establish their projects in the West Qantara Industrial Zone.
On the sidelines of the roundtable discussions, Mr. Waleid Gamal El-Dien, Chairman of SCZONE, inked a Usufruct agreement with Hengsheng Dying Zhejiang Company. This agreement pertains to the establishment of a dyeing, processing, and textile manufacturing project in the West Qantara Industrial Zone, covering an area of 200 thousand square meters with a total investment of $70 million.
Additionally, the Chairman of SCZONE signed three letters of interest for upcoming textile projects. The first LoI was with Shaoxing Yuding Textile Company, a firm specializing in fabric production and trade. The company aims to establish a new factory under the name “DINGHANG. Egypt Co” in the West Qantara Industrial Zone, spanning 12.7 thousand square meters, with investments totaling $5 million. The factory’s goal is to export 90% of its production to the American and European markets.
Furthermore, an LoI was signed with Ms. Wang Xiao Rong, Chairperson of the Board of Directors of Shengzhou Captain Industrial & Trading Co., Ltd. This LoI outlines the establishment of a project for the production of spandex, polyester, and elastic yarns in the West Qantara Industrial Zone, covering an area of 12 thousand square meters with a total investment of $5 million.
In addition, SCZONE inked an LoI with Indochine Holdings Pty Ltd, an Australian investment company with extensive global experience in clothing design and manufacturing. The company aims to establish a new factory in the West Qantara Industrial Zone, spanning 65 thousand square meters, with an estimated total investment of approximately $21.3 million. The factory also intends to export all manufactured products to the American and European markets.
Mr. Waleid Gamal El-Dien, Chairman of SCZONE, expressed the significance of these projects, highlighting the strong economic ties between SCZONE and Chinese investments. He emphasized the potential of the West Qantara Industrial Zone, covering an expansive area of 19.5 million square meters, as a promising industrial hub. This zone has already attracted successful Chinese investments, exceeding $2 billion, in the Sokhna Integrated Industrial Zone. The signed projects, totaling over $100 million in investments, underscore the mutual trust and shared visions between the two parties, opening new avenues for Chinese investments in the Middle East region, particularly within the clothing and textile industries.”
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