Morocco, China’s Sunrise Group seal $230 million investment deal
Morocco and China’s Sunrise Group, a global leader in the textile industry, have signed a deal under which the Chinese group will invest $230 million.
to bolster its textile sector, in a deal aimed at strengthening the Kingdom’s role in global supply chains.
The deal, signed in Rabat this Thursday, aims to strengthen Morocco’s textile sector, boost its competitiveness, and role in global supply chains.
The Chinese group will establish two industrial units in Skhirat and Fez. These facilities are set to create 7,000 direct jobs and over 1,500 indirect jobs.
The project will also help build an integrated supply chain, which would enable Moroccan companies to produce fabrics and garments locally, reduce logistics costs, and improve efficiency.
The agreement follows a series of negotiations between Moroccan officials and Sunrise Group executives, culminating in a high-level meeting in Shanghai in September 2024 between Head of Government Aziz Akhannouch and Sunrise Chairman Xu Leil. The Chinese group, a global player in textiles with subsidiaries across Asia, views Morocco as a strategic gateway to European and African markets.
Akhannouch, who co-chaired with Xu Leil, chairman of Chinese textile giant, the signing ceremony in Rabat, hailed the agreement as a milestone in Morocco’s efforts to enhance industrial competitiveness and attract foreign capital. The deal aligns with King Mohammed VI’s vision to position Morocco as a regional manufacturing and export hub, he said.
“This strategic investment underscores the confidence of foreign investors in Morocco and strengthens our position as a regional leader in the textile industry,” Akhannouch said.
Xu Leil on his part pointed out that Morocco boasts one of the most promising and dynamic economies in Africa and that the decision to invest in the North African country was driven by its strategic location. “Morocco’s position is crucial for our group as it facilitates access to European and U.S. markets,” he said.
He noted that Morocco’s free trade agreements with the European Union and the United States also played a key role in the group’s decision to establish operations in the country.
The project will help Moroccan companies source yarn, fabric, and finished textile products locally, reducing lead times and logistical costs. This will enable firms to fulfill international orders without intermediaries, boosting efficiency in the sector and enhancing the competitiveness of Moroccan businesses in global markets.