Egypt's General Authority of the Suez Canal Economic Zone (SCZONE) signed a land deal with Eroglu Egypt for a 65,000-square-meter plot to build a readymade garment factory. This $40 million project in the Qantara West Industrial Zone is expected to create over 3,000 jobs and position the zone as a textile and apparel hub, according to Amwal Al Ghad.
The factory, built by Turkey's Eroğlu Global Holding A S, will focus on jeans production. With an annual target of 7.2 million jeans, 70 per cent will be exported while the remaining will cater to the domestic market.
This project marks the sixth of 15 planned for the zone, which has already attracted 144 projects with a total investment of $3.22 billion in fiscal year 2023-2024, according to SCZONE Chairman Waleid Gamal El-Dien.
Egypt's strategic location near the Suez Canal, one of the world's busiest shipping lanes, makes it an attractive trade hub according to data analysis firm GlobalData. Their report highlights the importance of Egypt's textile and apparel sector, which accounts for 8 per cent of exports, 34 per cent of industrial output, and employs 10 per cent of the workforce.
