Turkiye invests 40 million dollars in the Qantara West area

CAIRO, The General Authority for the Suez Canal Economic Zone, in a promising move, signed on Sunday with the Turkish Eroglu Holding Group a contract for the Eroglu (DNM) jeans factory project in the Qantara West industrial zone. This venture involves a substantial 40 million dollar investment and holds the potential to significantly boost the local economy and create numerous job opportunities. These are labor-intensive projects that contribute directly to development through the job opportunities they provide. The head of the Suez Canal Economy, Walid Gamal El-Din, who signed the agreement on behalf of the Suez Canal Authority, said in a press statement that the authority has successfully attracted several investments to the West Qantara Industrial Zone. These projects are labor-intensive and contribute directly to achieving development through the job opportunities they provide. The head of the Eroglu Group, Nurten Eroglu, who signed the contract on behalf of the Turkish side, expressed his happiness w ith the partnership with the Suez Canal Economic Zone, stressing that the Eroglu Factory (DNM) project is distinguished by its reliance on raw materials of fabrics that are produced locally in the companyÂ's factory located in the governorate of Damietta next June. In addition, the company has more than 40 years of experience in textile and clothing production and aims to make the factory above an export base for global markets. The statement explained that the project, built on 62 thousand square meters, provides 2,750 job opportunities, targeting the production of 7.2 million pieces of jeans, with about 70 percent of the production planned to be exported abroad. In contrast, 30 percent will be allocated to the local market. Source: Kuwait News Agency