A Chinese company has launched a project to manufacture environment-friendly textiles in the Sokhna Integrated Industrial Zone in Egypt, according to a statement issued by the Suez Canal Economic Zone Authority (SCZONE).

The statement said a foundation stone was laid on Sunday for the 145,000-square-metre factory, which is located within the TEDA-Egypt Chinese investment area.

The statement, published by Al-Watan and other Egyptian newspapers, said Cady Company would invest $60 million in the six-building project, adding that it would be executed in three phases with Phase 1 scheduled to be launched this year and finished in late 2024.

The factory will initially produce nearly 50,000 tonnes of textile and eight million pieces of garments per year, with annual sales projected at $150 million, it said.

Shi Yi, CEO of Zhejiang Cady Industry Company said the company specialises in the manufacture of polyester fabrics, dyeing, and printing works for polyester textiles.

He said: “The company's total production capacity is about 10 million pieces annually. In light of the existence of the Belt and Road Initiative (BRI), our decision was that Egypt would be the first station for our foreign investments.”

The SCZONE statement noted that about 130 Chinese firms operate in that Zone with total investments of nearly $1.6 billion.

(Writing by Nadim Kawach; Additional writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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