The facility is expected to create 700 direct jobs, with 90 per cent of production targeted for exports.
Egypt’s Suez Canal Economic Zone has signed a new investment project by Turkish company YILTEM Apparel & Dinamik Raus Tekstil to set up a $8-million RMG and textiles factory within the Qantara West Industrial Zone.
The facility is expected to create 700 direct jobs, with 90 per cent of production targeted for exports.
The new project takes the total number of Turkish projects in the zone to 15.
Walid Gamal El-Din, chairman of the SCZONE General Authority, said the new project takes the total number of Turkish projects in the zone to 15, bringing total Turkish investments in the area to nearly $560.2 million, in addition to another project under an Egyptian-Turkish alliance valued at $2.1 million.
Measures will be taken against projects that fail to adhere to timelines or demonstrate lack of seriousness, ensuring optimal utilisation of industrial land and the achievement of targeted development goals, he was cited as saying by Egyptian media outlets.
Fibre2Fashion News Desk (DS)
