Casablanca – The Moroccan government has secured a major investment from Sunrise Group, a leading Chinese textile company, amounting to $422 million. This investment, announced during a recent meeting between Sunrise President Lei Xu and Moroccan Prime Minister Aziz Akhannouch, is set to create 11,000 direct jobs across multiple regions of Morocco over the next three years.

The meeting, which also included Mohcine Jazouli, Morocco’s Minister of Investment, Convergence, and Public Policy Evaluation, and Ali Seddiki, Director General of the Moroccan Agency for Investment and Export Development, took place in Shanghai. This discussion occurred on the sidelines of Akhannouch’s visit to China, where he represented the Moroccan king at the Forum on China-Africa Cooperation (FOCAC) summit.

Akhannouch emphasized the Moroccan government’s support for Sunrise Group’s strategic investment. The project will involve the development of industrial complexes that span the entire textile value chain, from cotton spinning to garment manufacturing. This comprehensive approach aims to significantly enhance Morocco’s textile sector, which is already well-integrated into global value chains.

The Sunrise investment is expected to revitalize the national textile industry, contributing to the government’s focus on job creation. This move aligns with Morocco’s broader strategy to attract substantial foreign investment and boost key economic sectors.

In April, Sunrise Group had already signed a Memorandum of Understanding (MoU) with the Moroccan government to establish a fully integrated industrial park in Morocco. The planned park will bolster the local textile industry and contribute to regional economic development.

This substantial investment not only promises to create thousands of jobs but also reinforces Morocco’s position as a significant player in the global textile market. The initiative is anticipated to provide a major boost to the Moroccan economy, stimulate private sector growth, and support the government’s strategic employment and industrial goals.