On Thursday, Chinese travel products manufacturer Henneway signed a 50 million U.S. dollar deal with Egypt’s Suez Canal Economic Zone (SCZone) to construct a factory in the zone. The factory will cover an area of 120,000 square meters at the West Qantara Industrial Zone and is expected to create 2,000 jobs for Egyptians. According to Waleid Gamal El-Dein, chairman of the SCZone General Authority, the project will commence operation in the first quarter of 2025.
This factory will be one of the first Chinese investments in SCZone’s newly developed West Qantara Industrial Zone, which is located in the Ismailia province. El-Dein stated that the zone has great potential for more investments and is expected to gain investor confidence in a short period of time. He also added that this project is a part of a series of successful partnerships between SCZone and Chinese investments.
It is worth noting that the SCZone has previously collaborated with Chinese companies through China’s industrial developer TEDA, which established the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (SETC-Zone) in the Ain Sokhna district of the Suez province back in 2008. This demonstrates a long-standing cooperation between the SCZone and Chinese investors.
