An agreement has been signed between the Suez Canal Economic Zone (SCZone) and the Chinese garment manufacturer Shanghai Shengda according to which the latter would build a factory for ready-to-wear clothing in the district of Abu-Khalifa in the Suez Canal Zone.
The factory is to be built on an area of 83,000 square metres, at an investment of USD28 million as a first phase. The second phase of the project will bring the investment up to USD40 million. It will provide 1,200 direct and indirect job opportunities, and will produce 43 million pieces of apparel annually which will be exported in full to the US.
Noteworthy is that this is not the first investment by Shanghai Shengda in Egypt; in 2019 it made investments of some USD15 million in the Ismailiya Free Zone.
Watani International
20 July 2023