China invests $117M in Egypt textile plant
The Chinese company "Gasan Group" announced an investment of $117 million to establish an integrated industrial complex for spinning, weaving, and ready-made garments in the Qantara West area of Suez Governorate, covering an area of 300,000 square meters. The project aims to export 90% of its production to global markets and create approximately 6,000 direct jobs once completed. It will be implemented in three phases and includes various activities such as non-woven manufacturing, socks, accessories, and dyeing. The project aligns with Egypt’s goal to develop its textile industry and boost exports, leveraging the strategic location of the Suez Canal Economic Zone and its advanced infrastructure. It also reflects Chinese companies' confidence in Egypt’s investment environment.
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