Chinese Investments in Egypt’s SCZONE Cross $3 Billion

China’s investments in the Suez Canal Economic Zone has (SCZONE) crossed $3 billion with the launching of the works for the $50 million Henneway Project in Qantara West Industrial Zone, which is specialised in manufacturing travel luggage on a total area of 120,000 sq. m. on Sunday.

SCZONE Chairman Waleid Gamal El-Dien, Henneway Chairman Wu Hailong, Commercial Minister Counselor of the Chinese Embassy in Cairo Zhao Liuqing were among the dignitaries present at the ceremony.

The Qantara West Industrial Zone, which represents a clear reflection of the Egyptian will and the strategic plans of SCZONE by improving the infrastructure and providing a conducive climate for investment, was developed to include nine projects in its first phase.

These projects include textiles and fabrics, spinning and weaving, ready-made garments, medical devices, sportswear, and agri-business, in addition to the luggage project.

Six projects were contracted in the past period, with a total investment of $271 million, on an area of 614,000 sq. m., and providing more than 12,000 jobs, and three more projects will be commissioned soon, Waleid Gamal El-Dien said.

“The Henneway project is a great opportunity to enhance our position as an industrial and commercial centre in the region in this field. Moreover, this project will lead to the provision of 3,000 new jobs, which is considered one of the basic development goals that we seek to achieve.” He said.

Cooperation Sought

Wu Hailong said that the project contract was signed in December 2023, as the support provided by SCZONE, along with investment incentives and international trade agreements, encouraged the company to start the project as soon as possible.

Continued cooperation is essential for all concerned parties in the next phase to complete construction work. The project will be able to achieve the desired goals through the support of SCZONE, he added.

Henneway is one of the largest luggage manufacturers in the world and among its main clients are major brands such as Samsonite, Delsey, Swiss Gear, and Travelite. The project is scheduled to start construction in January 2025 and commissioned by December 2025.

SCZONE

SCZONE includes 4 industrial zones equipped to receive all types of industries, and 6 seaports on the Mediterranean Sea and the Red Sea, equipped with world-class infrastructure.

The integration strategy between ports and industrial and logistics zones provided a model to support supply chains and the movement of trade and industry.

Thus, this readiness contributed to making SCZONE a centre for green fuel industries, in addition to the strategic location and readiness of seaports that enabled them to provide ships’ bunkering services with fossil fuels and green fuels.

SCZONE targeted 21 industrial and service sectors, such as food, pharmaceutical, and automotive industries.