Chinese companies to invest heavily in textiles industry in the SCZone

We can expect to see Chinese textile plants in the Suez Canal Economic Zone (SCZone), according to statements by SCZone chief Ahmed Darwish picked up by Chinese state news agency Xinhua. Darwish expects to ink agreements with a number of Chinese companies in the coming weeks, including Shandong Ruyi Group (website in Chinese), which plans to plant 150K feddans of cotton and build manufacturing facilities here, Al Borsa reports. The announcements follow meetings between representatives of Shandong Ruyi, business park developer TEDA and Prime Minister Sherif Ismail, according to Al Mal.