What is the story of the new Chinese project being implemented in the Qantara West area or the economic zone, and what is its relationship to the Suez Canal? Is it a new economic ploy to increase the canal’s revenues or a commercial project whose goal is profit for the Chinese company? We will tell you all the details in this video, so follow us until the end.
If you follow the news, you will know that in the last hours, Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, witnessed the inauguration ceremony of the cornerstone of the project of the Chinese company “Hiniway”, which specializes in manufacturing travel luggage.
This Chinese project will be implemented on a total area of 120,000 square metres, with a total priority investment of up to 50 million US dollars, and will provide about 3,000 job opportunities.
For this reason, the head of the General Authority for the Suez Canal Economic Zone said that the Qantara West Industrial Zone represents a clear reflection of the will of the Egyptian state and the economic plans for the Suez Canal, that is, in terms of improving the infrastructure and providing an attractive climate for investment.
For this reason, the Qantara West Industrial Zone was developed to include in the first phase 9 projects in various fields, such as textiles and fabrics, spinning and weaving, ready-made clothing, medical devices, sportswear, and food industries, in addition to the travel luggage project.
Indeed, 6 projects were recently contracted, with a total investment of $271 million, on an area of 614,000 square metres. This will provide more than 12,000 job opportunities, and contracts are also underway for 3 other projects.
As for the “Hennyway” project, it adds to the record of strengthening cooperation between the Suez Canal Economic Zone and Chinese investments, which have exceeded $3 billion so far. The project is also considered a great opportunity to strengthen Egypt’s position as an industrial and commercial center in the region and in this field.
All this is in addition to the fact that the project will provide 3,000 new job opportunities, as we said, and this is considered one of the basic development goals that the Suez Canal economy seeks to achieve.
Also, the economic zone helps, supports, and provides all investment incentives and international agreements, in order to encourage companies to start their projects as quickly as possible, and provides them with all possible facilities, but we can say that the Henway Company project is able to achieve the desired goals by supporting the Suez Canal Economic Zone, Especially since the Chinese company Henneway is one of the largest companies manufacturing travel bags in the world, and among its main clients are the major brands in this field, including Samsonite, Delsey, Swiss Gear, and Travelite.
Therefore, it is planned to start construction of the project in January 2025, and the official operation will be in December 2025. This means that we can say that this project will result in millions of dollars that will revive the Egyptian treasury in foreign currency on the one hand, and will also enhance the revenues of the Suez Canal Economic Zone on the other hand because It can compensate and enhance its revenue.
Finally, this project, although simple, will contribute greatly to attracting the attention of international companies to this area, which could be transformed into an industrial and investment area very soon.
