Egypt's Elsewedy Industrial Development signed on Monday four contracts worth over $65 million with major Chinese textile companies to establish new factories in Sokhna 360, the industrial city being developed by Elsewedy within the Suez Canal Economic Zone's (SCZONE) Sokhna Industrial Zone. Covering a total area of 238,000 square metres, the projects are expected to create more than 3,000 direct job opportunities. According to the SCZONE statement, the agreements reflect ongoing cooperation between the Egyptian Commercial Service (ECS) and Elsewedy Industrial Development to attract foreign investment to Egypt. Walid Gamal El-Din, Chairman of SCZONE, who attended the signing, said the new projects highlight the zone's steady growth in attracting diversified investments from multiple countries and industrial sectors. He pointed to SCZONE's competitive advantages, including its integrated infrastructure, strategic location, and attractive investment incentives, reaffirming the Authority's commitment to ensuring swift implementation and timely operation of the new facilities. Gamal El-Din noted that the textile industry is among the most promising sectors within the zone due to its potential to boost local manufacturing and increase the added value of Egyptian products. He added that SCZONE is developing an integrated industrial ecosystem encompassing all production stages—spinning, weaving, dyeing, finishing, and final manufacturing—to strengthen Egypt's export competitiveness. He emphasised that attracting global textile firms represents a key step toward localising modern technologies, transferring technical expertise, and creating quality employment opportunities for Egyptian youth. Notably, SCZONE's statement did not disclose the names of the Chinese companies. Attribution: Amwal Al Ghad English
