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Sunday, May 26, 2024

Automotive Industry: Japanese Group Sumitomo Intends to Invest MAD 1.96 Bln in Morocco

The Japanese group Sumitomo intends to launch in Morocco nine industrial projects in the manufacturing of wiring and components for a total investment of 1.965 billion dirhams.

In this sense, a framework agreement was signed Wednesday in Rabat between the Ministry of Industry and Trade and the Sumitomo group to strengthen the dynamics of the Moroccan automotive ecosystem through the establishment of these 9 new projects in different regions of the Kingdom, including Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat, and will create 16,000 new direct jobs by 2028.

In this regard, a first investment project of this framework agreement will be deployed by the Group’s subsidiary SEBN in Bouknadel with the establishment of a new industrial unit dedicated to the manufacture of electrical harnesses. This investment agreement of an amount of more than 320 million dirhams will allow the creation of more than 4,500 jobs.

Speaking on this occasion, Minister of Industry and Trade, Ryad Mezzour, said that “with this new investment by the Sumitomo group, the Moroccan automotive platform confirms its attractiveness to global suppliers, allowing us to continue to generate employment for our young Moroccans”.

He added: “This demonstrates once again, the great trust placed by investors in our ecosystem since they do not hesitate to invest and reinvest”.

Mezzour also highlighted the importance of the Moroccan automotive sector and its strategic position in the national economy in terms of job creation and exports.

For his part, CEO of Sumitomo-SEBN Morocco, Adil Semrich, welcomed, on behalf of the group Sumitomo, the signing of this framework agreement to expand and diversify the group’s business in several regions of Morocco.

He also expressed the group’s confidence in the Moroccan skills to deploy this project and others in the years to come, in order to strengthen the competitiveness of this company.

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