The groundbreaking for Cady’s cutting-edge textile facility has officially been announced by the General Authority of the Suez Canal Economic Zone (SCZONE). The plant, which is located in Egypt’s Sokhna Integrated Industrial Zone, will concentrate on producing high-end, eco-friendly materials and clever seamless clothing.
The factory, which will cover 145,500 square meters, will be the biggest under the purview of the industrial developer TEDA-Egypt. This project marks a significant development in the growing economic partnership between SCZONE and Chinese capital. According to a news release by SCZONE, TEDA-Egypt is home to more than 130 industrial and service facilities with a total investment of $1.6 billion.
Three phases will be used to construct the factory. Beginning in 2023, the first phase is expected to be finished by the end of 2024. After completion, the factory is anticipated to manufacture 8 million seamless garments and about 50,000 tonnes of green textiles yearly. The corporation estimates a $150 million annual sales volume and has put its projected investment in Egypt at $60 million.
“We are proud of the variety of initiatives taking place within SCZONE, particularly the successful collaboration with Chinese investments, which is anticipated to see increased collaboration shortly. According to Waleid Gamal El-Dien, chairman of SCZONE, “We are keen to support the textile sector, for which SCZONE provides the infrastructure, legal frameworks, and trade agreements that allow access to neighboring markets.”
“I’m pleased to erect the project’s first stone in Cady Egypt. The fact that the company was able to be listed on the Shanghai Stock Exchange market speaks volumes about its strength. In conjunction with the Belt and Road Initiative’s 10th anniversary and the industrial developer TEDA Egypt’s 15th anniversary of operation, I would like to thank SCZONE for fostering a positive work environment and helping Chinese businesses, said Lai Siqing, vice chairman of TEDA China-Africa.
“The business specializes in producing polyester fabrics and performing dyeing and printing operations on polyester textiles. The overall annual production capacity of the corporation is around 10 million pieces. We decided that Egypt would be the starting point for our international investments in light of the existence of the Belt and Road Initiative. According to Shi Yi, CEO of Zhejiang Cady Industrial Company, “the company aims to work on high-end environmentally friendly fabrics.”
