Indian textile manufacturer Prestige Denim Mills plans to invest $20 million in a denim production facility in Egypt, adding to a wave of foreign textile projects in Africa’s second-largest economy.
The investment agreement was signed at the Suez Canal Economic Zone headquarters in Egypt’s New Administrative Capital in the presence of SCZONE Chairman Waleid Gamal El-Dien.
According to SCZONE, the project will mark the first Indian investment in the West Qantara Industrial Zone.
Prestige Denim Mills will develop the factory on a 100,000-square-metre site. The integrated facility will include weaving, dyeing and finishing operations.
Once operational, the plant will produce as much as 20 million metres of denim fabric a year and create about 1,000 direct jobs.
