The Moroccan Economy in Brief: Thursday, September 29, 2022

HPS and Visa join forces to speed up access to the payment system network:

HPS, a leader in the provision of payment solutions and services, today announces that it has obtained the master membership license from Visa, a global leader in digital payments, which will allow HPS customers to join the Visa global payments network. In addition to the processing offer historically offered by the Group, HPS can now offer banks, fintechs and financial institutions seeking to launch a payment solution access to the Visa payment ecosystem thanks to its sponsorship program by number. bank identification number (BIN) .

Manufacturing industries: 0.1% rise in the producer price index in August:

The producer price index for the “Manufacturing industries excluding oil refining” sector rose by 0.1% in August 2022 compared to the previous month, according to the High Commission for Planning (HCP). This increase is the result of the 1.4% increase in prices for the “Clothing industry” and the “Textile industry”, 0.2% for the “Food industry”, the “Industry chemicals" and "Manufacturing of computer and electronic products", by 0.5% of the "Paper and cardboard industry", by 1% of the "Leather and footwear industry", by 0.3 % of “Printing and reproduction works” and 0.1% of “Manufacture of machinery and equipment”, explains the HCP in its recent note relating to the industrial, energy and mining producer price index ( IPPIEM). It is also explained by the 2.3% drop in prices for “Metallurgy” and 1% for “Manufacture of rubber and plastic products.

Automotive industry: A 4th factory in Morocco for the Japanese Yazaki

The inauguration of the Yazaki factory in Kenitra, which has already started its activity, the 4th factory in Morocco and the 2nd factory in the city of Kenitra, is held on Wednesday, September 28, 2022. The overall investment is approximately 333 Million Dirhams. This plant already has 3,300 employees. This ceremony took place in the presence of the Minister of Industry and Trade, the Governor of the city of Kenitra, the Japanese Ambassador to Morocco and the Chairman, COO and CFO of Yazaki EMEA.

Chari, 1st Moroccan startup to welcome Endeavor Catalyst in its funding round:

Endeavor Catalyst, the investment fund of the global Endeavor network, present in Morocco since 2014, has approved an investment of one million dollars in the Moroccan start-up Chari. The chairman of Endeavor Catalyst's investment committee is Reid Hoffman, co-founder of the social network Linkedin. “It is a good sign to see that renowned foreign investment funds are interested in Moroccan startups; this bodes well for a rapid take-off of the Moroccan startup scene. It is a privilege to welcome Endeavor Catalyst among our investors, which thus joins other investors such as Y Combinator, Orange, Rocket Internet or even the management fund of Harvard University" announces Ismael Belkhayat, co-founder and CEO of Chari.

SCR and AIG seal a strategic partnership:

Société Centrale de Réassurance (SCR), a subsidiary of the Caisse de Dépôt et de Gestion (CDG) Group, has entered into a strategic partnership with the American Group “American International Group” (AIG), both members of the CFC community respectively since 2018 and 2014. Together, SCR and AIG have demonstrated a pooling of their ability to offer new insurance products and to optimize Reinsurance capacities as much as possible for the needs of Companies operating in West Africa. Indeed, the partnership aims to promote the Subscription of new Branches of Insurance at the level of West African countries and also to make the Reinsurance Offer more agile at the level of the continent by proposing common solutions based on synergy and quality of services .