World Courant
The chairman of the Common Authority of the Suez Canal Financial Zone (SCZONE), Waleid Gamal al-Dein, on Tuesday laid the muse stone for the Eroglu Garment ready-made garment venture within the Western Qantara Zone.
The opening passed off within the West Qantara industrial space in partnership with Turkey’s Eroglu World Holding Group, with a complete funding of $40 million.
The venture covers an space of 64,000 sq. meters and is predicted to create roughly 2,750 jobs after opening in January.
The intention is to develop the venture in a second section to an space of 400,000 sq. meters.
The venture is the results of the fruitful and constructive cooperation between SCZONE and the Administrative Management Authority to find industrial initiatives for corporations working within the Egyptian market, having achieved success and aiming at exporting overseas. In complete, it considerations 151 corporations.
The Chairman of SCZONE stated that: “The Eroglu World Holding venture provides a brand new chapter to Turkish investments inside SCZONE, along with being the primary Turkish venture within the Qantara West Zone. The venture can also be one of many first initiatives to be seen within the Qantara Zone after SCZONE’s tireless efforts and remains to be growing and equipping its infrastructure, placing it on the map of promising industrial investments in Egypt.”
“This may improve SCZONE’s competitiveness regionally and globally as a number one industrial and logistics hub and as a most well-liked funding vacation spot, because it supplies a good funding setting in mild of the one-stop-shop providers by means of which SCZONE digitalizes the providers supplied to buyers.”
He added: “Qantara West Zone enjoys a number of aggressive benefits represented by the supply of educated technical workforce and uncooked supplies, which makes it certified to develop into an industrial constructing within the discipline of textile and garment trade, along with being built-in with the ports of the SCZONE and benefiting from free and worldwide commerce agreements that result in full entry to about two billion shoppers internationally.”
“This venture displays the success of the continuing partnership with the personal sector and is a direct translation of the promotional efforts that SCZONE has been making previously interval, geared toward attracting investments from main worldwide corporations within the sectors focused for localization in SCZONE’s technique.”
Eroglu World Holding Group Chairman Noureddine Eroğlu stated: “Eroglu World Holding Group is pleased with the distinctive partnership with the Suez Canal Financial Zone, particularly within the promising Qantara West Zone, which represents the corporate’s third funding in Egypt, following the 2 initiatives within the cities of Ismailia and Damietta. This venture continues a protracted journey of success that started in Egypt 41 years in the past.”
“The venture targets $100 million value of exports, which represents 70 p.c of the manufacturing facility’s manufacturing quantity, and the corporate focuses 30 p.c of its manufacturing on assembly the wants of the native market. Geared up with state-of-the-art know-how, together with a reclaimed water remedy system and environmentally pleasant vitality services, the manufacturing facility goals to provide seven million denims per yr when it reaches its full capability. The venture contributes to strengthening financial ties between Egypt and Turkey,” he defined.
Turkey launches ready-made garment venture in Egypt with $40 million funding
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