(MENAFN- Daily News Egypt) Egypt's Suez Canal Economic Zone (SCZONE) has signed contracts for two new projects with German and Greek companies, representing a combined foreign investment of $11m.

Walid Gamal El-Din, chairperson of the SCZONE General Authority, signed a contract with Ewald Franz Kosters, chairman of German outdoor furniture manufacturer Sun Garden, to establish a project in the Qantara West industrial zone.

The $7m project will be built on an area of 30,000 square metres, is expected to create 500 direct jobs, and aims to export 90% of its production.

Gamal El-Din welcomed Sun Garden as the first German industrial investment in the Qantara West zone, stating that it reflects growing confidence among foreign investors and will support the localisation of industries.

In a separate deal, Gamal El-Din signed a contract with Marinos Tzanidakis, president of the Greek company Tzanidakis Marinos“MORFI,” to establish the“Marinero” ready-made garment factory.

The $4m project will cover an area of 7,000 square metres in the same industrial zone, is expected to provide 1,000 direct jobs, and targets exporting 70% of its production.

Gamal El-Din said he was proud of SCZONE's success in attracting its first Greek industrial investment, calling it a foundation for future partnership and cooperation.

With the addition of the new projects, the total number of projects in the Qantara West industrial zone rises to 37, with a total investment exceeding $1 billion, providing more than 52,700 direct jobs, the SCZONE chairman said.

He noted that the German investment joins several other German projects already operating in the SCZONE, including those by Siemens Energy, Villeroy & Boch Egypt, MAN Energy Solutions, and Mercedes-Benz.

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