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China-Africa Trade Information Service
http://info.afrindex.com
China-Africa Trade Information Service
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Egypt's General Authority Suez Canal Economic Zone (SCZONE) has recently announced the signing of a significant usufruct contract with HiTech Apparel, a Thai ready-made garment company. The agreement entails the establishment of factory in the Qantara West industrial zone, with investment of $20 million.
This deal marks HiTech Apparel's first venture in both the Middle East and Africa and is poised to create approximately 1,500 employment opportunities within the region.
The contract was formally endorsed by Walid Gamal El-Din, Chairman of SCZONE, and Wason Vitanakorn, CEO of HiTech Apparel.
Chairman El-Din expressed his excitement about the strategic partnership, emphasizing that it is the first of its kind between SCZONE and Thailand. He attributed this collaboration as a testament to the remarkable success of SCZONE's promotional efforts in recent times. Furthermore, El-Din revealed that SCZONE's overarching objective is to establish a global clothing and textiles complex within the thriving Qantara West, Ismailia industrial zone. The region has already attracted investments from diverse countries across a wide range of industries, with the textile and clothing sector at the forefront.
Both SCZONE and HiTech Apparel are committed to expediting the project's progress, aiming to commence construction in the latter half of this year. The foundation stone for the sportswear factory is expected to be laid during this period, with operations slated to begin in the second half of 2025.
