{"id":633434,"date":"2024-07-15T00:00:00","date_gmt":"2024-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/hengsheng-lays-foundation-stone-for-usd-70-mn-textile-factory-in-the-sczone\/"},"modified":"2024-07-15T00:00:00","modified_gmt":"2024-07-15T00:00:00","slug":"hengsheng-lays-foundation-stone-for-usd-70-mn-textile-factory-in-the-sczone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/hengsheng-lays-foundation-stone-for-usd-70-mn-textile-factory-in-the-sczone\/","title":{"rendered":"Hengsheng lays foundation stone for USD 70 mn textile factory in the SCZone"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Construction is underway at the West Qantara Industrial Zone\u2019s first <\/strong><strong>project:<\/strong> China\u2019s <a target=\"_blank\" href=\"https:\/\/www.zjhsyr.com\/en\" style=\"\" rel=\"noopener\">Zhejiang Hengsheng Dyeing and Finishing Company<\/a> has laid the foundation stone for its dyeing, processing, and textile manufacturing project in the Suez Canal Economic Zone\u2019s <a target=\"_blank\" href=\"https:\/\/sczone.eg\/services\/west-qantara-industrial-zone\/\" style=\"\" rel=\"noopener\">West Qantara Industrial Zone<\/a>, with investments amounting to USD 70 mn, according to an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid02nDdjjNvZU4xz9sdNjiFnq9jt4rXDxnTR5Ra6UUAU1b5L3p1W5fJivfuGUJwj8wicl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The Chinese textile giant will develop the factory in two phases on a 200k sqm plot of land in Qantara with plans to begin the first stage of production during 1H 2026. Hengsheng is looking to achieve annual sales worth USD 300 mn and says that the factory is expected to create some 1.5k direct jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>D\u00e9j\u00e0 vu?<\/strong> The company initially <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8538fab0-92d9-4745-8e06-ed30bf2b0923\/sczone-secures-over-usd-100-mn-in-chinese-textile-projects-%2B-turkish-companies-looking-to-expand-here\" style=\"\" rel=\"noopener\">signed a usufruct contract<\/a> with the SCZone for the project back in October of last year, as part of a set of textile projects agreed upon with Chinese companies at the time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first of many companies to head to Qantara West:<\/strong> The SCZone has so far received offers from 15 companies that have indicated interest in implementing projects in the area \u2014 projects that, when completed, will add 18k jobs to the market, SCZone head Walid Gamal El Din said. Of the 15 companies, six have already inked final contracts for the projects, Gamal El Din added. The SCZone is aiming to export 80% of the companies\u2019 output.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese investment is an important part of the SCZone\u2019s investment landscape<\/strong>: \u201cThe SCZone <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b726a60-72db-4779-aa75-8ce110131e6e\/chinese-investors-ink-usd-9.5-mn-worth-of-industrial-project-in-teda\" style=\"\" rel=\"noopener\">succeeded in attracting<\/a> 128 projects worth USD 6 bn in the past two years, of which Chinese investments represent 40%,\u201d Gamal El Din said in May. There is a \u201clegitimate ambition\u201d to bring up the number of Chinese companies with operations in the SCZone to 1k by 2030, Gamal El Din added. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hengsheng is looking to achieve annual sales worth USD 300 mn<\/p>\n","protected":false},"author":1,"featured_media":633435,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7255],"tags":[116,975,72,103,131,416,2080,7104],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-china","tag-egypt-china-relations","tag-enterpriseam","tag-fdi","tag-manufacturing","tag-suez-canal-economic-zone","tag-textiles","tag-west-qantara-industrial-zone","wpautop","entry"],"acf":{"mongo_id":"677feca9-1a20-416f-bf02-5c79bfe2d793","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1057.jpg","photo_position":"above","homepage_title":"","full_issue_title":"China\u2019s Hengsheng begins construction of USD 70 mn textile factory in Egypt\u2019s SCZone","related_issue":[633421],"teaser":"Hengsheng is looking to achieve annual sales worth USD 300 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.cae4c913-6401-4ce2-88f2-99ca3f944d05.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hengsheng lays foundation stone for USD 70 mn textile factory in the SCZone - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/hengsheng-lays-foundation-stone-for-usd-70-mn-textile-factory-in-the-sczone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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