Japanese Sumitomo to Invest 1.96 Bln MAD in Morocco’s Car Industry

Sumitomo, a Japanese corporation, signed Wednesday an agreement with the ministry of trade, investing 1.965 billion dirhams in nine industrial projects in Morocco.
The projects, which concern manufacturing wiring and components, will take place in three different regions, and generate around 16.000 direct jobs by 2028. They are expected to spur the dynamics of the Moroccan automotive ecosystem and boost exports.
The Group’s subsidiary SEBN will deploy the first investment project under this framework agreement in Bouknadel, with the development of a new industrial unit specialized for the manufacturing of electrical harnesses. This investment arrangement worth over 320 million dirhams will result in the creation of over 4,500 jobs.