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The Moroccan Economy in Brief: Thursday, May 12, 2022

Inauguration in Kenitra of the new factory Adient Automotive Seating Morocco realized for 72 MDH :

On Wednesday in Kenitra, the Minister of Industry and Trade, Ryad Mezzour, presided over the inauguration ceremony of the new plant Adient Automotive Seating Morocco, made for an investment of 72 million dirhams. This unit, which specializes in the manufacture of car seat covers, is located in the Industrial Acceleration Zone of Kenitra (Atlantic Free Zone) and covers a total area of 25,000 square meters, of which 10,000 square meters have been built and an extension of 6,500 square meters is planned. It currently employs 600 people, with a projection of more than 1,300 jobs by 2025.

ERUM's Moroccan plant becomes the group's largest worldwide:

On May 11, 2022, the ERUM Group inaugurated the ́extension of its factory in Tangier, in the presence of the Minister of Industry and Trade, Ryad Mezzour, the CEO of the Erum Group in Europe and Africa, Blanca Erum and the General Manager of the Erum Group in Morocco, J.Carlos Mulero. The group's factory in Tangier specializes in the manufacture of plastic hangers for the clothing sector. This expansion will enable the plant to double its production capacity to respond to the needs of its customers and the entire textile and clothing sector in Morocco, rising from 111 million units (according to 2017 data) to 202 million units by 2023, an additional capacity of over 90 million units.

The Investment Charter is being developed by the government:

The government is working on the development of the Investment Charter through a participatory approach with the various stakeholders, emphasized on Tuesday in Rabat the Head of Government, Aziz Akhannouch. Responding to a central question during the monthly plenary session at the House of Councillors devoted to the general policy under the theme "The equation investment and employment", Akhannouch stressed that the government is in the process of developing this charter, in order to meet the various requirements guaranteeing the success of this reform project.

The EBRD has invested €1.6 billion in the private sector in Morocco :

 

The European Bank for Reconstruction and Development's (EBRD) cumulative investments in the private sector in Morocco have reached €1.6 billion since 2012, Antoine Sallé de Chou, EBRD director for Morocco, said on Tuesday in Marrakech. "Over the past 10 years we have invested more than €3.2 billion in Morocco, including more than €1.6 billion in the private sector," explained Sallé de Chou, who was speaking at a panel held as part of the 31st EBRD General Assembly. The EBRD is the most active financial institution in Morocco, he stated during this panel under the theme "EBRD: Successful investment in Morocco", noting that the Bank provides financing but also offers advisory services especially for small and medium-sized enterprises (SMEs).

Societe Generale Morocco awarded by the EBRD:

On May 10 in Marrakech, Societe Generale Morocco received the Sustainability Gold Award for Financial Intermediaries from the European Bank for Reconstruction and Development (EBRD) in recognition of Societe Generale Morocco's commitment to the deployment of the Green Value Chain in Morocco to help national SMEs make the transition to energy efficiency and strengthen their competitiveness in global value chains. This trophy was awarded to Societe Generale Morocco during the EBRD Sustainability Awards 2022 - a special event on sustainability held on the sidelines of the 31st EBRD General Assembly, which began on May 10 in Marrakech under the theme "Responding to challenges in a turbulent world".