The deal, valued at $20m, is anticipated to generate roughly 500 direct employment alternatives.
The manufacturing facility is projected to provide as much as 18 million tonnes of denim cloth every year. Half of this output is designated for export, whereas the remaining half will provide home factories in Egypt.
Masking 16,700m2, the plant will deal with producing denim yarns, threads, and materials, which function the foundational supplies for various kinds of denims textiles.
The settlement was formalised by Common Authority of the Suez Canal Financial Zone chairman Walid Gamal El-Din and Şirikçioğlu Grubu chairman Atef Şirikçi.
Walid Gamal El-Din mentioned that “the Suez Canal Financial Zone continues to accentuate its efforts through the present section to draw extra investments within the sectors that the authority goals to localise inside its technique, so as to obtain the state’s targets of deepening native manufacturing and rising exports”.
The authority additionally commits to enhance the area’s infrastructure to align with rising worldwide demand for items by enhancing provide chains and integrating them with the financial zone’s ports on each the Purple Sea and Mediterranean in addition to its industrial and logistics zones, the authority chairman mentioned.
The most recent enterprise marks the 25th challenge throughout the Qantara West Industrial Zone, bringing the entire investments within the space to $681.5m and creating 34,955 direct jobs.
“This confirms the success of the strategic strategy adopted by the authority to advertise export industries, deepen the native manufacturing system, and localize provide chains within the spinning and weaving sector, ranging from the manufacture of uncooked supplies, by way of the levels of denim cloth manufacturing, which is the uncooked materials for producing denims, and ending with the ready-made garment business,” Walid Gamal El-Din acknowledged.
Şirikçioğlu Grubu Textile Turkiye, which was established in 1997, produces denim threads and materials.
With a workforce exceeding 5,000 throughout its factories within the nation, the corporate exports its textile merchandise to quite a few world manufacturers.
Waleid Gamal El-Dien not too long ago signed a contract with Turkiye firm Ulusoy for the institution of an industrial challenge on a 35,000m2 land plot within the Qantara West Industrial Zone.
This manufacturing facility will produce fibre yarns, carpet yarns, hand-knitting yarns, tricot yarns, and family crochet yarns.
The $18m challenge is anticipated to generate round 855 direct job alternatives.
In August final yr, Turkiye’s Eroglu Garment began development on a $40m ready-made garment manufacturing facility within the Qantara West Industrial Zone.
