Arab Finance: The General Authority of the Suez Canal Economic Zone (SCZONE) signed a contract with the South Korean company H&L's unit H&L Egypt Apparel to establish the first Korean project in the Qantara West Industrial Zone, according to a statement.

The ready-made and sportswear manufacturer will set up a factory, with investments totaling $12 million (EGP 570 million). It will span an area of 40,000 square meters and create approximately 2,000 direct job opportunities.

Waleid Gamal El-Dien, the Chairman of SCZONE, stated that the project marks a major step towards localizing and deepening industry by attracting the textiles and ready-made garments sector to the Qantara West Industrial Zone.

Gamal El-Dien pointed out that this approach contributes to reducing production costs by relying on raw materials, products, and logistical services available within the zone as an alternative to imports.

These efforts align with the national narrative for economic development, which aims to support economic reform and promote the shift towards productive and export-oriented sectors.

He added that the authority is working to strengthen its partnership with the private sector to attract more investments in the targeted sectors.

Meanwhile, the total number of projects in Qantara West has increased to 45 projects, spanning 2.837 million square meters at an aggregated investment of $1.1805 billion. These projects secured 62,165 direct job opportunities.

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