Suez Canal Economic Zone (SCZone) signed a contract with Turkish DNM Eroglu group to establish a jeans factory with investments of $40 million in the Qantara West Industrial Area, according to a statement issued by the SCZone.

This project aims to manufacture 7.2 million pieces of jeans, export 70% of the total production, and allocate the remaining 30% to the local market.

According to the report, the project covers an area of 62 thousand square meters and will provide about 2,750 job opportunities.

Construction of the factory will begin next June, and work inside the factory will begin in early 2025, according to the Chairman of Eroglu Group, Nurettin Eroglu.

This agreement came as a result of SCZone's promotional efforts to attract various investments to the West Qantara Industrial Area, Chairman of SCZone, Walid Gamal El-Din indicated.

He added that the project represents the success of the promising partnership between the economic zone and Turkish investments, especially in the field of textile and ready-made clothing industries.

Earlier in March, El-Din announced that the total number of contracts in the SCZone amounted to 127 projects, with an investment of about $2.8 billion, during the period from July 2023 to March 21, 2024.

Of these projects, 61 successfully obtained final approvals, with foreign investments amounting to 49%. While, initial approvals were granted to 66 projects, with a foreign investment rate of 39%.