South Korean Sportswear Invests $30 Million in Egypt’s Suez Canal Region

To attract more South Korean investment after President Abdel Fattah Al-Sisi’s visit to South Korea, the Suez Canal Economic Zone (SCZONE) has laid the foundation stone for a South Korean sportswear manufacturing plant in the West Qantara Industrial Zone. The planned investments have doubled to $30 million from an initial $15 million.

Along with Kim Wan-jong, South Korea’s ambassador to Egypt, Mohamed Ibrahim, SCZONE vice-chairperson for the Northern Zone, Ahmed Essam El-Din, deputy governor of Ismailia, and representatives from the company and local government, Mostafa Shikhon, chairperson of SCZONE, attended the groundbreaking ceremony on Tuesday.

The 42,000 square metre H&L Egypt Apparel project will include a smart, eco-friendly facility with cutting-edge manufacturing technology.

The plant is anticipated to increase Egypt’s sportswear manufacturing capacity and generate about 2,000 direct jobs.

According to Shikhon, the initiative was a significant step in luring South Korean investment to SCZONE, especially since Egypt and South Korea now have a comprehensive strategic alliance.

Citing the economic advantages for investors, he added that the authority expected the project to open the door to a wider wave of South Korean investment across its industrial zones.

According to Shikhon, 54 projects already operate in the West Qantara Industrial Zone, representing nine nationalities and totalling about $1.54 billion in investment. With 43 projects, textiles and ready-made clothing make up the majority of the zone’s industrial activity.

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