Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone), and Chen Xiaodong, President of the Chinese Jiangsu Guotai company pose for an image after signing the contract.
According to a Sunday release by the Egyptian cabinet, the factory will be built on 21,000 square metres in the industrial zone of Qantara West, affiliated with the Suez Canal Economic Zone.
The total investment in the project amounts to $10 million (equivalent to EGP 500 million), and it will provide 2,000 direct job opportunities. The factory is planned to export its entire production of ready-made garments abroad.
On the sidelines of the signing ceremony, Gamal El-Din stated that work is underway to attract investments from various countries worldwide to all industrial areas and ports affiliated with the authority in the targeted sectors. He confirmed that this is reflected in the increasing pace of new projects in the Qantara West industrial area, which is qualified to become a global investment destination in the textiles, garments, and agribusiness sectors.
He also pointed out that usufruct contracts have already been signed for 15 projects in the Qantara West area, with investments amounting to $490 million. Covering an area of over 1,031,000 square metres, the projects will create a workforce exceeding 20,000 workers. These projects will export, on average, 80 percent of its production to European and American markets via the Port of West Port Said, one of the crucial ports under the authority and a gateway to the Mediterranean and European markets. Gamal El-Din also noted that an increase in trade activity through the port is expected, especially after the opening of the Qantara West projects.
As per Gamal El-Din, the authority celebrated laying the foundation stone for five projects among the signed usufruct contracts, and work is ongoing to complete the remaining projects sequentially. The authority also announced the imminent opening of the first two projects in Qantara West during the second half of 2025.
In addition, Gamal El-Din emphasized the SCZone's commitment to localizing industry by building integrated industrial clusters, qualifying and training the workforce, and maximizing the benefits from all economic tools available to the authority, including its strategic location as a global investment destination, seaports, industrial and logistical zones, attractive investment incentives, and free and international trade agreements that allow for broad access to various global markets.
Jiangsu Guotai is part of the Jiangsu Guotai International Group (GTIG), founded in 1988, which ranked 329th on the Fortune China 500 list in 2023. The company offers comprehensive high-level services in textiles, ready-made garments, spinning, yarn production, fabrics, home textiles, and accessories. It has established branches in several Asian and European countries and the United States, employing over 4,000 staff. In 2023, the company's revenue reached $9.2 billion.
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