Investment by China's Sunrise Group to revive Morocco's textile sector

10 Sep '24

1 min read

Investment by China's Sunrise Group to revive Morocco's textile sector

Pic: Adobe Stock

Insights

Morocco's PM Aziz Akhannouch recently met China's Sunrise Group chairman Lei Xu in Shanghai and conveyed his support for implementing a $421.3-million strategic investment project by the latter in Morocco.
The project will help revitalise Morocco's textile sector, integrating it fully into global value chains, and create 11,000 direct jobs over three years.

Morocco’s Prime Minister Aziz Akhannouch recently met Lei Xu, chairman of Chinese textile company Sunrise Group, in Shanghai and conveyed his government’s support for implementing a 4.1-billion-dirhams ($421.3 million) strategic investment project by the latter in Morocco.

The meeting, held on the sidelines of the Summit of the Forum on China-Africa Cooperation (FOCAC), was attended by Morocco’s minister of investment, convergence and evaluation of public policies Mohcine Jazouli and director general of the Moroccan Agency for Investment and Export Development Ali Seddiki.

The project will help revitalise Morocco's textile sector, integrating it fully into global value chains, and is expected to create 11,000 direct jobs over the next three years across several regions in the country.

The industrial initiatives under the project are expected to integrate the entire ecosystem, media outlets in Morocco reported.

A study by French association Evalliance this year said Morocco has the third highest minimum wage among apparel suppliers to the European Union. At $307 per month, the country surpasses those of Bangladesh, Pakistan and Myanmar by a significant margin and stands 50 per cent higher than Tunisia’s.

Fibre2Fashion News Desk (DS)

More Textiles News - Morocco...