China's total investment in SCZone exceeds $3 bln: Chairman

Ahram Online , Sunday 8 Dec 2024

Chairman of Egypt's Suez Canal Economic Zone (SCZone) Walid Gamal El-Din announced that China's total investment in the Suez Canal Economic Zone (SCEZ) has surpassed $3 billion, according to a statement released by the Egyptian cabinet on Sunday.

Suez Canal
Chairman of Egypt's Suez Canal Economic Zone (SCZone) Walid Gamal El-Din speaks during his speech during the Foundation stone ceremony for the Henneway project. Photo courtesy of Egyptian cabinet Facebook page.

 

Gamal El-Din announced this during the groundbreaking ceremony for the "Henneway" project, a Chinese company specializing in travel bag manufacturing.

The project, which spans 120,000 square metres in the West Qantara industrial area, is expected to create approximately 3,000 job opportunities.

Construction is scheduled to begin in January 2025, with operations slated to commence in December 2025.

Gamal El-Din highlighted that the development of the West Qantara industrial area clearly reflects Egypt's state-driven economic plans.

He said the area has enhanced infrastructure and an attractive investment environment, which will accommodate nine projects in textiles, ready-made garments, medical devices, sportswear, food industries, and travel bag manufacturing.

In addition, Gamal El-Din noted that six projects have already been contracted with investments of $271 million. The projects, which will cover an area of 614,000 square metres, will generate over 12,000 jobs.

Gamal El-Din added that negotiations were underway for three additional projects.

In September, SCZONE signed nine agreements with Chinese investors, valued at over $1.067 billion, covering six projects, including industries in bromine extraction, glass manufacturing, chemicals, solar panels, starch production, and household appliance supply chains. The projects are expected to create 3,000 job opportunities.

Wu Hai Long, President of Henneway, stated, "The support from the economic zone, along with investment incentives and international agreements, encouraged the company to begin the project quickly."

Founded in 2002, Henneway is one of the world's largest travel luggage manufacturers whose major clients include Samsonite, Delsey, Swiss Gear, and Travelite. In addition to travel bags, the company specializes in apparel, textiles, and leather.

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