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Chinese textile company Sunrise Group will invest 2.3 billion dirhams ($240 million) to build two textile plants in Morocco, the Moroccan government said on Thursday after signing the deal.
The plants in Fez and Skhirate, near Rabat, will be Sunrise's first manufacturing sites in Morocco. They will produce yarn, fabrics and clothing products to help Moroccan manufacturers reduce delays and logistical costs and meet international orders without intermediaries, the prime minister's office said in a statement.
It did not say when the plants would start operations.
The investment would "enhance Morocco's textile industry competitiveness," and employ 7,000 people, the government said without offering further details.
Morocco exports most of its textile products to Europe. Last year, Morocco's exports of ready-to-wear, leather products dropped 0.5% to $4.5 billion, official data showed.
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