info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Image from Moroccoworldnews
Chinese-owned garment manufacturer Omega Textile Maroc inaugurated its new textile factory on Tuesday, in Casablanca. The company specializes in the manufacturing of socks, lingerie, tights, stockings, and T-shirts.
Morocco’s Minister of Industry and Trade Ryad Mezzour and the Group's President, Emma Cai attended the inauguration ceremony.
Mezzour highlighted that “the project is the first phase of the Chinese group's investment program in Morocco, with an investment of more than MAD 78.6 million ($7.19 million) and an estimated turnover of MAD 45 million ($4.11 million) by 2024, 60% of which is intended for export, particularly to America.”
Mezzour also stressed that “this new investment is conducive to development and performance for the Moroccan textile industry, allowing the Group to strengthen its competitiveness and increase its rate of integration.”
Additionally, the new textile unit hopes to create a total of 627 new jobs.
Emma Cai recalled the Group’s previous “successful” experiences in Morocco thanks to its “great political stability” and the country’s advantages for international investors.
“We sealed an investment agreement with the Moroccan state in the midst of the Covid-19 pandemic, and despite this we managed to overcome all the difficulties thanks to the effective collaboration of our local partners,” Cai added.
Omega Textile Maroc is a Moroccan-registered business funded by 100% Chinese capital. The Chinese company's new textile factory marks its third investment in Morocco as it already has two industrial units in Settat.
