Morocco to back China’s textile Sunrise group with $410 mln

Morocco will offer a financial aid to China’s textile giant Sunrise Group worth 410 million dollars, to help fund an industrial project that would employ 11,000 people.

The news came following a visit by Akhannouch- who was in China to attend an Africa summit- to a Sunrise factory where he met officials from the Chinese company.

Morocco and Sunrise had signed last April a deal to set up several textile plants across the country.

As one of the global leaders in the textile sector, with nearly 30,000 employees worldwide, the Sunrise Group is at the forefront of 4.0 production systems and environmentally sustainable practices, the Moroccan department in charge of investments said.

For decades, Morocco is in the top 10 list of suppliers of the European market and takes the second position as the largest textile exporter in the Mediterranean region.

The sector has some 1600 companies employing 200,000 people, making it one of the largest job providing sectors in the country.

However, reliance on imported goods for textile production exposes the sector to supply chain disruptions and high prices in the international market which prevents the sector from taking advantage of the free trade deals and their strict rules of origin standards.