Egypt: SCZone, China's Jiangsu Guotai ink $10mln deal for ready-made garment factory
Arab Finance: Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), penned a usufruct agreement with Chinese Jiangsu Guotai to establish a ready-made garment factory, with total investments of $10 million (EGP 500 million), as per a statement.
To be developed on an area of 21,000 square meters in the Qantara West Industrial Zone, the factory will export its entire production to global markets. It will also provide 2,000 direct job opportunities.
Gamal El-Dien highlighted that the SCZone has signed 15 usufruct contracts in Qantara West at a combined value of $490 million.
These projects span over 1.31 million square meters and are expected to employ 20,000 workers.
The factories will export 80% of their output to Europe and the Americas, mainly through West Port Said Port.
He added that the authority has already broken ground on five projects, with two of them expected to be inaugurated in the second half (H2) of 2025.
Meanwhile, the remaining projects will follow in the completion process.
It is worth highlighting that Jiangsu Guotai is a subsidiary of the Jiangsu Guotai International Group (GTIG), which was founded in 1988.
The group provides high-level services in textiles, ready-made garments, spinning, yarn production, fabrics, home textiles, and accessories.
It owns branches in the US as well as several Asian and European countries, employing over 4,000 people. In 2023, the company's revenue hit $9.2 billion.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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