LOC16:12
13:12 GMT
CAIRO, Jan 20 (KUNA) -- The Suez Canal Zone Authority announced Tuesday signing a contract with Turkiye's Eroglu Global Holding to establish a carton and packaging plant in West Qantara Industrial Zone, with USD 175 million in investment.
The authority said in a press release that the project will be built on 70,000 square meters, targeting production of 10 million packages, providing around 2,000 direct jobs, with 50 percent of output for export and 50 percent for the local market.
Authority Chairman Waleed Gamal El-Din said the project represents a strategic addition to the Zone's industrial system, supporting food industry supply chains, enhancing local production integration, reducing import reliance, and increasing value added to Egyptian products.
Gamal El-Din noted that the signing raises total contracted projects in West Qantara Industrial Zone to 52, covering a total of about 3.537,100 square meters, with investments exceeding USD 1.531 billion and providing around 72,665 direct jobs.
He added that this comes within the authority's efforts to support sustainable industrial development and enhance Egyptian exports.
Eroglu Global Holding, founded in Turkiye in 1983, has a strong investment record and currently operates three projects in West Qantara, making the new carton and packaging plant its fourth and the Zone's largest industrial investor. (end)
aff.aai