Japanese Group Sumitomo to Invest MAD 1.9 Bln in Morocco

An agreement related to the development of industrial projects in wire manufacturing was signed Wednesday in Rabat between Morocco and the Japanese group Sumitomo Electric Industries during a ceremony chaired by the Minister of Industry and Trade, Ryad Mezzour.

This agreement aims to reinforce the dynamic of the Moroccan automotive ecosystem through the implementation of nine projects in the different regions of the Kingdom, including Rabat-Salé-Kénitra, Tanger-Tétouan-Al Hoceima, and Casablanca-Settat.

According to a statement by the Ministry of Industry and Trade, the global total investment will be around MAD 1,965 Bln, which will contribute to the creation of 16.000 new direct jobs by 2028.

The first project of investment of this agreement will be deployed by the group’s subsidiary SEBN in Bouknadel, along with the creation of a new industrial unit dedicated to the manufacturing of electric wiring.

This investment agreement of an amount of more than MAD 320 million will allow the creation of more than 4,500 jobs.

Speaking on this occasion, Mezzour declared that with this new investment, the Moroccan automotive field confirms its attractiveness among international suppliers, which will allow the country to continue generating employment for the Moroccan youth, adding that “this demonstrates, once again, the great confidence placed by investors in our ecosystem, since they do not hesitate to invest and reinvest.”

For his part, the CEO of Sumitomo-SEBN Morocco, Adil Semrich, stated that the group is “pleased to sign this agreement, which will allow us to expand and diversify the group’s activity in several regions of Morocco”, expressing his confidence in the Moroccan capacities that will be deployed in the years to come.

It should be noted that the Japanese group Sumitomo Electric Industries is an automotive supplier specializing in the manufacturing of electric wire, and communication ecosystems.

error: Content is protected !!