Friday 04 Apr
Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone Authority, and Tang Xiao, Chairman of Jiangsu Guotai, signed a usufruct contract for a $10 million ready-made garment factory. The 21,000-square-meter facility, located in the Qantara West Industrial Zone, will create 2,000 jobs and export its entire production.
Gamal El-Din emphasized that the Suez Canal Economic Zone is attracting global investment across its industrial zones and ports, particularly in targeted localization sectors. He highlighted the Qantara West Industrial Zone's rapid project development, positioning it as a key global investment hub for textiles, apparel, and agricultural manufacturing.
He detailed the progress in Qantara West, citing 15 signed
usufruct contracts with a combined investment of $490 million across 1,031,000+
square meters. These projects are projected to employ over 20,000 workers and
export 80% of their production to European and American markets through West
Port Said Port, a key Mediterranean gateway. He further noted the foundation
stone laying for five projects and announced the anticipated opening of the
first two in the second half of 2025, signifying the area's rapid development.
He emphasized the Economic Zone's commitment to industrial
localization through integrated clusters, workforce development, and strategic
utilization of its assets, including seaports, industrial zones, investment
incentives, and trade agreements. He highlighted the Zone's strategic location
as a key factor in its global investment appeal.
It is worth noting that Jiangsu Guotai Company is part of Jiangsu Guotai International Group Co. Ltd. (GTIG), a company founded in 1988. GTIG is a significant player in the textile industry, ranking 329th on the "Fortune China 500 in 2023." They offer a wide range of services, including textiles, ready-made garments, yarn, fabric, home textiles, and accessories. With over 4,000 employees, they operate branches across Asia, Europe, and the United States. In 2023, the group reported revenues of $9.2 billion.
