Cairo: El Sewedy Industrial Development, a subsidiary of Elsewedy Electric, has signed land allocation agreements with four leading Chinese textile companies to establish new factories in the integrated industrial city "Sokhna 360." The development is part of efforts by the Egyptian Commercial Service (ECS) to bolster Egypt's role as a regional industrial hub and attract foreign investments in key sectors.
According to State Information Service Egypt, the agreements involve investments exceeding $65 million, covering an area of 238,000 square meters within the Suez Canal Economic Zone (SCZONE). The projects are expected to create over 3,000 direct jobs. The Egyptian Commercial Service, in collaboration with the Suez Canal Economic Zone Authority and Elsewedy Industrial Development, facilitated these investments through the Commercial Office in Beijing, led by Minister Plenipotentiary (Commercial) Khaled Milad.
The agreement ceremony was attended by notable figures, including Engineer Waleid Gamal El-Dien, Chairman of the General Authority for the Suez Canal Economic Zone, and Ms. Shahenda Ezz El-Arab, representing Dr. Abdel Aziz El Sherif of the Egyptian Commercial Service. Engineer Mohamed El Kammah, CEO of Elsewedy Industrial Development, and representatives from the Chinese companies were also present.
Dr. Abdel Aziz El Sherif highlighted the agreements as a model of integration between government and private sector efforts in attracting quality industrial investments. He noted that this collaboration with Chinese companies marks a new phase in Egypt's textile industry development. Engineer Waleid Gamal El-Dien emphasized the Economic Zone's growth in attracting global investments due to its infrastructure, strategic location, and incentives.
El Sherif also confirmed that the Egyptian Commercial Service Office, through its bureaus in China and other Asian countries, continues to market investment opportunities in Egypt and coordinate with investors and relevant authorities.
Engineer Mohamed El Kammah added that these agreements reflect international investors' confidence in Egypt's investment climate. He stressed that Elsewedy Industrial Development's role extends beyond land allocation to investing in infrastructure and smart services for sustainable and efficient city development.
"Sokhna 360" is a new generation city within the Suez Canal Economic Zone, spanning 10 million square meters. It features integrated industrial, logistical, commercial, and residential areas, serving as a key gateway for manufacturing and export from Egypt to global markets.