China's travel products company to build factory in Egypt's economic zone

Updated: December 29, 2023 Source: Xinhua News Agency
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CAIRO, Dec. 28 (Xinhua) -- Chinese company Henneway, a travel products manufacturer, signed on Thursday with Egypt's Suez Canal Economic Zone (SCZone) a deal worth 50 million U.S. dollars to build a factory in the zone.

Henneway's new factory will be established on an area of 120,000 square meters at the West Qantara Industrial Zone and is expected to provide 2,000 job opportunities to Egyptians, Waleid Gamal El-Dein, chairman of the SCZone General Authority, was quoted as saying in a statement issued by the SCZone.

The actual operation of the project will begin in the first quarter of 2025, according to the statement.

The Henneway factory project is one of the first Chinese investments in SCZone's newly developed West Qantara Industrial Zone, which is located in the Ismailia province.

"It is a promising industrial zone that can receive more investments and gain investors' confidence in a short period," El-Dein said.

"This project joins the series of partnership successes between SCZone and the Chinese investments," the SCZone chief added.

The SCZone has a long-standing cooperation with Chinese companies through China's giant industrial developer TEDA, which established the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (SETC-Zone) in the Ain Sokhna district of the Suez province in 2008.

Editor: Li Shimeng