A whole lot of Chinese companies are coming to Qantara: The Suez Canal Economic Zone inked three new agreements with Chinese companies, under which they will set up shop in the Qantara West Industrial Zone.

#1- Kinlead Innovative Materials will set up a USD 60 mn packaging materials factory in the Qantara West Industrial Zone under an agreement signed with the SCZone, according to a statement. The fully self-financed project will be developed in two phases and create 600 direct jobs.

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Kinlead will produce over 100 mn tons of biaxially oriented polypropylene (BOPP) rolls and films annually, along with 165k units of extended film and 60k adhesive BOPP rolls, all of which will be exported.

#2- Guangdong Hongxin Textile will set up a USD 13.3 mn textile factory to produce over 28k tons of fabric per year, 80% of which will be earmarked for export.

#3- Top New Garment Group will invest USD 7.2 mn in a factory to produce 25 mn pieces of ready-to-wear and sports apparel annually, all of which will be exported. The project will create 4k jobs.

This comes hot on the heels of Public Enterprises Minister Mohamed Shimi’s meeting with a delegation of Chinese textile investors last week, which saw the minister pitch potential partnerships in every stage of textile production with Egypt’s state-owned companies. The delegation — made up of 37 investors representing 25 major textile firms — was invited to explore potential investments and hold B2B talks with public-sector players.

DATA POINT- The new projects bring the number of contracted projects in the Qantara West Industrial Zone to 18, with total investments hitting USD 564.5 mn and generating some 25.3k direct jobs, SCZone head Walid Gamal El Din said.

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