“After the 30% decline of textile production in Morocco a year ago, the kingdom is registering encouraging results in the field thanks to the Free Trade Agreement (FTA) with the United States, said the paper .Recalling that Morocco was subjected to a commercial deficit of 22.3 % in 2005 because of the decrease of textile exportations, the paper underlined “the worst has been avoided” after the freezing of Chinese textile products by the EU and the implementation of the FTA with the US .“We never received as many investments before the agreement with the US,” said Jamal Eddine El-Jamali, director of industrial production in the Ministry of Industry and Commerce, quoted by “Le Figaro..The French paper recalled that the American group “Fruit of the Loom” (FOL) will invest USD 160 million in a factory in Skhirat, which is expected to employ 1,150 people .“Proximity to Europe and the FTA with the USA incited the group to move a part of its production from China to Morocco,” explained Brian Kennedy, head of the Moroccan subsidiary of the American group, said “Le Figaro..The French daily also stated that the same reasons have pushed the Italian textile group “Legler” to invest USD 87 million in a factory in Morocco which is expected to provide 800 job opportunities .The Spanish group “Tavex” has also invested USD 73.5 in Moroccom .These three groups will create about 2,500 job opportunities in the textile sector .Source: moroccotimes.com.
Date:2/7/2006
Source: