During the recent Forum on China-Africa Cooperation (FOCAC) Summit in Shanghai, Prime Minister Aziz Akhannouch met with Lei Xu, the head of the Chinese textile giant Sunrise Group, an important step for Morocco’s textile industry.
At the conference, Sunrise Group announced a strategic investment worth 4.1 billion dirhams, with the potential to generate 11,000 direct jobs in Morocco over the following three years.
The Moroccan government has full support for Sunrise Group’s project, citing its potential to boost Morocco’s job creation strategy and revitalize its textile industry. The investment, which will take place across several Moroccan areas, is part of a larger plan to integrate Morocco’s textile industry into international value chains, increasing its competitiveness and production.
Thousands of Moroccans are employed in the textile industry, which has been a major contributor to the growth of the Moroccan economy. The government has continuously looked for methods to modernize and assist the industry, particularly in light of the growing worldwide competition.
According to a study by the French trade association Evalliance, Morocco already boasts one of the highest minimum wages among textile suppliers to the European Union, standing at $307 per month, ahead of other major players such as Bangladesh, Pakistan, and Myanmar, and about 50% higher than Tunisia.
The nation’s textile industry, however, is finding it harder to keep its competitive advantage as wages rise and competition from Asian low-cost production hubs intensifies. This is the situation in which wise investments such as Sunrise Group’s are relevant. The industry can remain relevant and profitable by concentrating on high-value categories and integrating Moroccan output into global supply chains.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.