SCZONE & TEDA LAID THE FOUNDATION FOR THE CONSTRUCTION OF A TEXTILE FACTORY IN EGYPT

The Suez Canal Economic Zone (SCZONE) and the Chinese industrial developer TEDA-Egypt have laid the foundation stone for a new textile factory in the Sokhna Integrated Industrial Zone. The factory, named Egypt Cady Textiles, will produce high-quality and environment-friendly fabrics and clothing using smart manufacturing methods.

The factory is part of the expansion of TEDA-Egypt in the Sokhna zone, where it has over 130 industrial and service facilities with investments of $1.6bn. The factory is the largest in the TEDA region, covering an area of 145,000 square meters.

The project will be built in three phases, with the first phase expected to be completed in 2023 and the whole project to be finished by the end of 2024. The factory will have a production capacity of about 50,000 tonnes of eco-friendly textiles and eight million pieces of seamless clothing per year. The planned investment of the company in Egypt is $60m, and its estimated sales volume is $150m.

The SCZONE Chairman Walid Gamal El-Din said that the Cady factory aims to manufacture eco-friendly textiles and clothing, which is in line with the SCZONE’s strategy for sustainable development and green economy. He added that the factory will export its products to the European and American markets.

The Deputy Chairperson of TEDA China-Africa, Lee Seng Chen, expressed his satisfaction with the launch of the Cady project, which was listed on the Shanghai Stock Exchange last year. He said that the company specializes in polyester fabrics, dyeing and printing on polyester textiles, with a total production capacity of 10 million pieces per year.

It is worth noting that SCZone celebrated 15 years of partnership and cooperation with TEDA-Egypt last July. Last May, a delegation from SCZone visited China to promote the investment opportunities in the Suez Canal region. Several agreements were signed, with total investments exceeding $600m in various fields such as electrical appliances, textiles, energy, and others.

SOURCE: Zawyn