China expands foothold in Egypt’s Suez with $17M garment deals
China has signed more than a billion dollars' worth of deals in the Suez Canal Economic Zone this year as the waterway reels from the Red Sea crisis.
Egypt’s Suez Canal Economic Zone signed a $17 million deal with a Chinese firm on Tuesday to establish a fabrics factory, one of several deals concluded by the zone and firms from China this month.
What happened: The zone inked the agreement with Hightex Co. Ltd. Hangzhou, a Chinese textile company that makes linens and other fabrics and related products. The factory, which will produce products for export, will be located in the facility's Qantara West Industrial Zone, according to a press release from the Suez Canal Economic Zone.
The deal followed a Sunday agreement with China’s GS Global Sourcing Co., Ltd to establish a $15 million garment factory in the Qantara West Industrial Zone that will likewise make products for export.
The Suez Canal Economic Zone signed the following manufacturing deals with Chinese firms last week:
