The Clap
On December 28, Hangzhou Henneway Travel Goods, the Chinese luggage manufacturer, signed a USD 50 million agreement with the Suez Canal Economic Zone (SCZ) to build a factory, according to a cabinet statement.
What
With top-tier clients such as Samsonite, Swiss Gear, Delsea, and Travelite — the Chinese luggage manufacturer’s factory will be built on 120K sqm of land in the West Qantara Industrial Zone and will start operating in Q1-25.
So What
The new factory is projected to create 2,000 job opportunities. And the USD 50 million is a direct foreign investment that — coupled with other investments in the Industrial Zone worth USD 1.07 billion — should help mitigate the foreign currency shortage while increasing net exports.
Some Context
According to Walid Gamal El-Din, SCZ’s head, this agreement is part of a series of partnership agreements between SCZ and Chinese investors.
The Industrial Zone managed to gain the investors’ trust in a short period as during its first phase, 11 projects were launched in different industries, such as textiles, sportswear, medical devices, and many more. In total, they’re expected to create 20K job opportunities.
