Chinese industrial development giant TEDA Holdings has officially kickoff the construction of Cady textile factory in Egypt. The announcement was made in a statement issued by the General Authority of the Suez Canal Economic Zone (SCZone). The new facility known as “Cady Egypt” would cost a total of $60 million and occupy 14.5 hectares. 14 percent of all exports of goods from Egypt are produced by the clothing and textiles sector. The government of the nation has been attempting for a number of years to foster an atmosphere that will encourage private investment in the industry.
Furthermore, President of the SCZone Walid Gamal El-Din claims that $150 million in sales should be generated annually by the plant’s production, which will be allocated to export to the European and American markets.
Capacity of the Cady textile factory in Egypt
After the building is completed, the facility will have a production capacity of roughly 50,000 tons of green materials and textiles, an annual clothing output of 8 million pieces, and sales of about $150 million. Six structures will be constructed as part of the project, which will be carried out in three phases, the first of which will begin in 2023 and last until the end of 2024.
According to the manager of TEDA, “We take pride in the variety of projects that are being worked on within the SCZONE, especially the productive collaboration with Chinese investors, which is anticipated to grow in the upcoming months. We are eager to assist the textile industry. Which SCZONE supports with the necessary infrastructure, regulatory frameworks, and trade agreements to get access to surrounding markets.”
The Sino-Egyptian Economic and Trade Cooperation Zone TEDA-Suez was established in 2008. And currently has more than 130 industrial and service facilities with $1.6 billion in investments.