Morocco on Wednesday launched a network of business parks in its underdeveloped north to lure hundreds of companies and create much needed jobs, officials said.
To draw investment and help lift the northern region around Tangier out of poverty, the Rabat government opened the North African country's largest container terminal near Tangier Mediterranean port complex and is setting up a chain of industrial parks and free trade zones nearby.
The parks will be geared towards industries such as auto parts, textiles, electronics and food production, which the government has targeted to expand its export potential.
Morocco has free trade agreements with the European Union and the United States and the government wants to turn the country into a platform of exports for foreign firms. One of these parks dedicated to auto manufacturing will host Africa's biggest car factory, planned by the Renault-Nissan Alliance (RENA.PA) (7201.T).
The project for low-cost vehicles was announced in September last year and involves a total investment of 600 million euros ($817 million) in manufacturing capacity. Some parks will be free trade zones allowing manufacturers to re-export what they make at lower cost while the others will offer companies streamlined administration and business services.
The park plan would ensure that Morocco's fast expanding port of Tangier Med would be put to full use, government officials said.
The industrial parks would be clustered around the Tangier Med area and its adjacent logistics free zone which is called Med Hub, they added.
Companies, including French firm Schneider Electric SA (SCHN.PA), have expressed interest in setting up business in the planned parks, said Ahmed Reda Chami, Industry and Trade minister. "The global crisis makes it even more important to transform the country into a more attractive industrial base," Chami said.
"By developing this industrial zone, we will increase the volume at Tangier Med geared towards import/export," he added.
The parks, to be built over 5,000 hectares, would be developed over several years, Chami said. "The global crisis is there but it will not last for ever... When the world exits this crisis, we will be ready to welcome these companies," he added. (Reporting by Tom Pfeiffer; Editing by Jon Loades-Carter)
Source : (Reuters)