The inauguration took place in the Qantara West Industrial Zone in cooperation with the Turkish “Eroglu Global” Holding Group, with a total investment of $40 million.
The project is located on an area of 64 thousand square meters, and is expected to provide about 2750 job opportunities after its operation next January. It is planned that there will be future expansions of the project in a second phase on an area of 400 thousand square meters.
The project comes in light of the fruitful and constructive cooperation between the Suez Canal Economic Zone and the Administrative Control Authority to localize industrial projects for a number of companies operating in the Egyptian market that have achieved success and aim to export abroad, totaling 151 companies.
On the sidelines of the foundation stone laying ceremony, Walid Gamal El-Din stated that the project of “Eroglu Global” Holding Company adds a new chapter to Turkish investments within the economic zone, in addition to being the first Turkish project in the Qantara area.
He pointed out that this project is among the first projects witnessed by the region after the intensive efforts made by the Suez Canal Economic Zone to develop it and prepare its infrastructure, which places it on the map of promising industrial investments in Egypt.
He stressed that this project enhances the competitiveness of the economic zone regionally and globally as a leading industrial and logistics centre, and a preferred destination for investment, as it provides a favourable environment for investment in light of the one-stop shop services through which the Authority digitises the services provided to investors.
He pointed out that the Qantara West area enjoys various competitive advantages represented in the availability of trained technical workers and raw materials, which qualifies it to become an industrial edifice in the field of textile and ready-made garments industry, in addition to integration with the Authority’s ports and benefiting from free and international trade agreements that achieve full access to about two billion consumers around the world.
He stressed that this project reflects the success of the ongoing partnership with the private sector, and represents a direct translation of the promotional efforts undertaken by the Authority during the past period, which aimed to attract investments from major international companies in the sectors targeted for localization by the Authority’s strategy.
For his part, Noureddine Eroglu confirmed the pride of Eroglu Global Holding Group in cooperating with the Suez Canal Economic Zone, the first of its kind, especially in the promising and successful Qantara West area, which represents the company’s third investment in Egypt, after its two projects in the cities of Ismailia and Damietta.
Ergülu stressed that this project is a continuation of a long journey of success that began 41 years ago in Egypt, explaining that the project aims to achieve exports worth $100 million, which represents 70% of the factory’s production volume.
He pointed out that the company directs 30% of its production to meet the needs of the local market; as the factory, which is equipped with the latest technologies that include a system for treating reclaimed water and environmentally friendly energy facilities, aims to produce 7 million pieces of jeans annually when reaching its full capacity, adding that the project contributes to strengthening economic ties between Egypt and Turkey.
Source: Egyptian media
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2024-08-15 13:36:50
