China’s Hengsheng Dying Zhejiang to establish $70mln textiles factory in Egypt

The Suez Canal Economic Zone’s (SCZONE) Chairman Waleid Gamal El-Dein has signed a land usufruct right contract with the Chinese Hengsheng Dying Zhejiang to set up a textiles production factory in East Qantara industrial zone with $70 million in investments, as per a statement.

To be built on a 200,000-square-meter area, the factory is set to create nearly 1,500 job opportunities.

Furthermore, Gamal El-Dein inked three separate letters of intent with Sholaoxing Yuding Textile, Shengzhou Captain Industrial and Trading, and Indochine Holdings to launch several textiles projects of which contracts will be signed within the coming months.

This came during Gamal El-Dein’s door-knocking and roadshow tour in China to lure further investments into Egypt.