Morocco signed 17 investment agreements worth $93.6 million recently to boost the industrial sector, hit by the pandemic. These include four memoranda of understanding (MoUs) and two agreements in the textile and leather sector with an investment of $24 million. The projects are expected to create new jobs and generate additional turnover.
The investments seek to create manufacturing units for products, including clothing fabric and geotextiles, cleaning products made from non-woven fabrics, and sewing thread.
The agreements were signed under the chairmanship of minister of industry and trade Moulay Hafid Elalamy, according to media reports in the country.
The ministry also announced the signing of three agreements in the industrial sectors of plastics processing, packaging, and plasticulture, as well as electrical and electronics, worth $1.9 million.
In September, the Ministry of Industry and Trade announced the launch of 100 subsidized investment projects in various sectors, including transport, construction, electronics, textiles, food, mechanics, and metallurgy.
This set of 100 subsidized investment projects is the first of a larger program to launch 500 projects by the fourth quarter of 2021.
To help facilitate investment, the ministry also plan to offer fiscal advantages, including an exemption from the import duty of capital goods, materials, and tools that are part of an investment project exceeding $21.4 million.
This article orignially appeared in Fibre2Fashion