Sunrise Group's $422 Million Investment: A New Dawn for Morocco's Textile Industry
The Chinese textile powerhouse, Sunrise Group, has announced a significant investment of 4.1 billion dirhams (approximately $422.2 million) in Morocco, a move poised to invigorate the nation’s textile sector. This ambitious project was discussed during a meeting between Morocco's Head of Government, Aziz Akhannouch, and Sunrise Group President, Lei Xu, held in Shanghai on September 7, 2024, amidst the Forum on China-Africa Cooperation.
This strategic investment aims to establish a fully integrated industrial park in Morocco, which is expected to generate around 11,000 direct jobs over the next three years. The initiative reflects Morocco's commitment to enhancing its position within global value chains, particularly in the textile industry, which has been a focal point of the government’s economic revitalization efforts.
The partnership between the Moroccan government and Sunrise Group is formalized through a Memorandum of Understanding (MoU) signed earlier in April 2024. This agreement underscores a mutual commitment to not only boost local employment but also to integrate the entire textile production ecosystem, from cotton spinning to garment manufacturing.
Minister of Investment, Convergence, and Evaluation of Public Policies, Mohcine Jazouli, emphasized the importance of this investment, stating that it aligns with Morocco’s broader strategy to attract private investment in key sectors. The project is anticipated to play a crucial role in revitalizing the national textile landscape, making it more competitive on the international stage.
As Morocco continues to foster its economic ties with China, this investment from Sunrise Group marks a pivotal step in the country’s industrial development, promising to enhance job creation and economic growth in the region.
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