Arab Finance: Chinese company Zhejiang Hongda plans to develop a textile manufacturing project in the West Qantara Industrial Zone, with an investment cost of $20 million, according to a statement.

Spanning 60,000 square meters, the facility is expected to export 70% of its production and offer around 500 direct jobs.

Waleid Gamal El-Dien, the Suez Canal Economic Zone (SCZONE) Chairman, said the zone is witnessing rapid growth in attracting foreign direct investment (FDI) in its priority sectors, including textiles and ready-made garments, food industries, and logistics activities.

The number of active investments in the West Qantara Zone has reached 53 to date, spanning industrial, service, and logistics projects, Gamal El-Dien noted.

These projects extend over a combined area of more than 3.42 million square meters, with a total investment cost of $1.48 billion, providing about 69,000 direct jobs.