PHOTO
A view of the site in Qantara West industrial zone where China's Zhejiang Hengsheng Dyeing and Finishing Company broke ground for a new $70mln textile plant.
Egypt's Suez Canal Economic Zone (SCZONE) has signed an agreement with China-based Hightex to set up a fully export-oriented decorative fabrics manufacturing facility in Qantara West Industrial Zone at an investment of 851.7 million Egyptian pounds ($17 million).
The facility, which is entirely self-financed, will occupy a 65,000-square-metre plot, and produce over 20 million metres of decorative fabrics annually for export, SCZONE said in a press statement.
The project is expected to create around 300 direct job opportunities, the statement said, adding that new project takes the total number of contracted projects in Qantara West to 20, representing cumulative investments of $596.5 million and generating over 27,600 direct jobs.
Founded in 1990 in Hangzhou, Hightex is a major supplier of decorative fabrics with a presence in domestic and global markets. The company maintains research and sales centres in the US and operates furniture factories in both Vietnam and China.
(Writing by Eman Hamed; Editing by Anoop Menon)
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