SCZONE, Eroğlu sign $40M land usufruct deal for garments factory in Qantara zone

Egypt's General Authority for the Suez Canal Economic Zone (SCZONE) has signed a land usufruct agreement with Eroğlu Egypt to build a readymade garments factory in the Qantara West Industrial Zone with aims of strengthening Turkish investments.

 

The $40 million investment project is part of SCZONE's plan to transform the Qantara zone into a regional hub for the clothing and ready-made garments industry. SCZONE Chairman Walid Gamal El-Din stated that this is the sixth out of 15 projects being studied for implementation in the Qantara West industrial zone.

 

The President of Eroğlu Egypt revealed that once the factory is fully operational it will create more than 3,000 job opportunities.

 

During the current fiscal year 2023/2024 until the end of March 2024, SCZONE has attracted 144 different projects among companies that obtained final or initial approvals, with total investments amounting to $3.2 billion. 

 

El-Din previously stated that 25,000 direct and indirect job opportunities will be created upon completion of the establishment and operation of these projects.