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Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZONE) has signed a $16.5 million agreement with Turkish company ELA Tekstil to establish a ready-made garment and denim factory in the Qantara West Industrial Zone, as per a statement.
The project will span 23,000 square meters and is expected to create around 2,500 direct jobs.
The facility will produce approximately 7 million pieces of ready-made garments and denim products annually, with 80% of output to be allocated for export markets and 20% for the domestic market. This project supports Egypt’s export growth and increases the added value of the local industry.
In this regard, Waleid Gamal El-Dein, Chairman of the SCZONE, said that this agreement reflects the success of the authority's efforts in attracting specialized industrial investment at Qantara West.
He also noted that this project brings the total number of projects in the Qantara West Industrial Zone to 42, with a total investment of around $1.14 billion in this sector only.
It is worth noting that the textile and ready-made garment sector is one of the most attractive sectors to investments, particularly at the Qantara West Industrial Zone.
