Chinese microfiber firm to build 40-mln-USD project in Egypt

CAIRO, Dec. 11 (Xinhua) -- The Suez Canal Economic Zone (SCZone) on Thursday signed a contract with China's Ningbo Dashun Fur to establish a microfiber manufacturing project in the West Qantara Industrial Area, the SCZone said in a statement.

Covering an area of 100,000 square meters, the project involves an investment of 40 million U.S. dollars and is expected to create 500 direct jobs. The Chinese company specializes in producing microfiber textiles for a wide range of products, the statement added.

The agreement was signed at the SCZone headquarters in the New Administrative Capital, east of Cairo, by SCZone Chairman Waleid Gamal El-Dein and Ningbo Dashun Fur president Mao Yuejun, in the presence of senior executives from both sides.

The agreement came a day after another Chinese company, Anhui Xinmin Glass, laid the foundation stone of a 70-million-dollar glassware factory in the SCZone's Sokhna Industrial Zone in Suez province.

In recent years, the SCZone has become a major magnet for Chinese investment. According to the authority, around 50 percent of the roughly 11.6 billion dollars it attracted over the past three-and-a-half years came from Chinese firms in various sectors.