China - September 19, 2024

Chinese textile giant to invest 422 million USD in Morocco

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The textile sector is considered a key pillar of Morocco's economy. Authorities in the kingdom said the deal, which was signed at the recent FOCAC Summit in Beijing, will revitalize the national textile sector while raising its performance and output. Morocco is actively encouraging foreign investment, while offering incentives to attract investors.

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Khalid Hammes, Professor of Economics, Mohammed V University:

"This project will boost the Moroccan economy and allow the transfer of Chinese skills and technology to Morocco. It's part of a win-win policy between the Chinese economic power and its talents on one hand and Morocco's talents and technology on the other hand. This investment will deepen cooperation between China and Morocco."

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The Chinese Moroccan project is set to create 11,000 direct jobs in the North African country.

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Abdel Aziz Madoud, Expert, Morocco Industrial Workshops:

"This Chinese investment will create 11,000 direct jobs in 3 years in different regions of Morocco. Huge industrial complexes will be created to accommodate the textile project with an entire modern value chain. Investing in the textile sector will have a positive impact on other Moroccan industries."

(Voice_over)

Morocco's central bank set a target and approved a series of measures two years ago to support the national textile industry. The Apex bank emphasized the need to have a strong national textile industry, as the backbone to stimulate investment.

Experts say the 422 million dollar investment by the Chinese textile giant will contribute to the long-term growth rate of Morocco's textile sector and other businesses.

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