Chinese textile company ‘Shanghai Shengda’ to open a $20 million factory in Egypt
Aya Salah , Thursday 25 May 2023
Shanghai Shengda, a Chinese company specializing in the production of ready-to-wear clothing and accessories, signed a letter of intent, which was handed to the Chairman of the Suez Canal Economic Zone (SCZone) Walid Gamal El-Din, to establish a factory in Egypt worth $20 million.
Head of SCZone Walid Gamal El-din during a meeting with chinese comapnies on Thursday. Photo courtesy of SCZone
The statement added that the Chinese company plans to build the factory in the Abu Khalifa area, west of the industrial zone in SCZone.
According to the statement, the project details will be presented to the next meeting of the board of directors to obtain their preliminary approval. They will also discuss the steps to implement the project in coordination with the company officials -- who will soon visit Egypt.
Gamal El-Din is currently visiting China to meet with five of the largest Chinese companies -- in the fields of chemicals and textiles, among others -- to attract investments to the Suez Canal Economic Zone.
On Wednesday, two Chinese companies presented an offer to the Egyptian government to launch a steel complex at the SCZone worth $300 million.