President of the General Authority for the Suez Canal Economic Zone (SCZONE) Walid Gamal El-Din and the Governor of Ismailia Akram Galal attended the event, according to a statement by the SCZONE, 

The project comprises a factory for dying, printing and preparing fabrics and clothes, read the statement.

The factory will be built on 200,000 square metres over two phases, each handling 100,000 square metres. It will create 1,500 direct job opportunities.

Gamal El-Din noted that the Zhejiang Hengsheng textiles and clothing industry was the "first of its kind in the West Qantara Industrial region."

"It reflects the success of the authority's efforts, and we opt for more," he added.

The authority opts to make this region a centre for manufacturing clothes and textiles in Egypt based on its previous success in attracting around 15 companies to invest in the West Qantara region. 

Six of the 15 companies have signed final agreements to establish projects, while nine others are about to sign similar agreements.

These companies will provide approximately 18,000 job opportunities, thus creating a sustainable economy in West Qantara. They are expected to export 80 percent of their production to international markets to achieve the country’s vision of developing exports.

Established in 2000, Zhejiang Hengsheng Dyeing & Finishing Co. Ltd is considered one of China's largest corporations for manufacturing, dying and preparing textiles.

The company is headquartered in the Chinese national textile city in the Zhejiang state. It has nine different companies under the umbrella of two parent companies inside China and has supplying contracts with several international brands such as Ikea, Armani, and Adidas.