CAIRO, Aug 1 (NNN-MENA) – Two major Chinese textile projects, with a combined investment of over 55 million U.S. dollars, officially, broke ground in Egypt’s Suez province yesterday.
The foundation stone-laying ceremony was held at the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, one of the key hubs within the Suez Canal Economic Zone (SCZone).
The first of the two projects will be an industrial complex, developed by Bridge Textile International Egypt. It will cover 40,000 square metres and feature 18 spinning lines, over 100 fabric production lines, and six lines for printing and dyeing. Backed by more than 25 million dollars in investment, the facility is expected to create 500 direct and 1,000 indirect jobs.
The second project comes from F-TEX International, and involves an investment of around 30 million dollars. The facility, built on a 55,000-square-metre site, will include 60 production lines for Draw Textured Yarn, a type of polyester yarn widely used in the textile industry. Once completed by the end of 2027, it is expected to produce 130,000 tonnes annually.
In a speech at the launching ceremony, SCZone Chairman, Waleid Gamal Eldien, said that, the two projects mark a “qualitative leap” for the SCZone, and reflect the trust of the international investors, especially from the Chinese side, in the investment climate in the region.
“Such industrial projects not only contribute to advancing the added value and providing job opportunities, but also represent an important step on the road to industrial integration, and promoting Egypt’s competitiveness in the international supply chain,” he added.
Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone’s most prominent industrial hubs, having attracted 185 companies and over three billion dollars in cumulative investment.– NNN-MENA
