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Chinese textile giant Sunrise announced its plans to invest USD 422.2 million (MAD 4.1 billion) in the Moroccan textile sector. The announcement came during a meeting between Lei Xu, president of Sunrise Group, and Morocco’s Head of Government Aziz Akhannouch.
Chinese textile giant Sunrise announced plans to invest USD 422.2 million (MAD 4.1 billion) in the Moroccan textile sector. The announcement came during a meeting between Lei Xu, president of Sunrise Group, and Morocco’s Head of Government Aziz Akhannouch. The project is set to create 11,000 direct jobs within three years across several provinces and regions in Morocco. This job creation will be under the establishment of industrial complexes covering the entire value chain.
Moroccan news agency MAP reported that the investment will revitalize the national textile sector, which is fully integrated into global value chains and will contribute to the government’s strategy of prioritizing job creation. The Moroccan government has long emphasized the importance of the textile sector as one of the major contributors to the country’s economy. The textile industry is a priority within Morocco’s investment strategy; it makes up 32.3% of Morocco’s national production enterprise, against a 25.6% global average between 2000 to 2019.
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This year, a study from the French association Evalliance said Morocco has the third highest minimum wage among EU apparel suppliers. USD 307 per month, the North African country surpasses those of Bangladesh, Pakistan, and Myanmar by a significant margin and stands 50% higher than Tunisia.
