Indian textile manufacturer Prestige Denim Mills will invest $20 million in a denim fabric production facility in Egypt’s West Qantara Industrial Zone, the Suez Canal Economic Zone (SCZONE) said Thursday, marking the first Indian investment in the industrial area.
"The project will be developed on a 100,000-square-metre site and is expected to create around 1,000 direct jobs while producing up to 20 million metres of denim fabric annually," according to SCZONE. The facility will integrate weaving, dyeing, and finishing operations, with 70 per cent of output earmarked for export markets and the remainder serving domestic demand.
The investment agreement was signed at SCZONE headquarters in Egypt’s New Capital in the presence of SCZONE Chairman Waleid Gamal El-Dien. “This project represents the first Indian investment in West Qantara Industrial Zone and builds on the success of Indian investments within the Suez Canal Economic Zone,” Gamal El-Dien said.
He added that infrastructure development and industrial expansion efforts have helped attract textile and garment manufacturers to the zone. According to SCZONE, cumulative investments in textile and ready-made garment projects in West Qantara have exceeded $1 billion.
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