French electric, optic connectors group sets up in Tangier free zone
Morocco-France, Business, 10/18/2003

"Souriau," a French electric and optic connectors group for industrial and aeronautics companies has opened on Thursday a new industrial unit in the Free zone of Tangier.

Souriau, a world leader in developing, manufacturing and marketing electric and optic connectors for industrial and aeronautics companies, had already created in September 2000 a branch in Morocco, with an investment of 14 million DH (US$ 1.4 million) that employs 90 persons and assembles 5,000 connectors daily, including 50% that are exported, and 7,000 other accessories. Its annual turnover is estimated at 8 million DH (about US$ 800,000).

The French group intends to open other plants for an investment valued at 11 million Dhs (US $1.1 million), to generate about 150 new jobs, Souriau's director general, Fran�ois Calvarin, said Thursday after the launching of the plant in the presence of Moroccan prime minister, Driss Jettou.

Calvarin added that the choice of Morocco is due to the country's stability, its proximity from Europe and its competent technical staff in addition to the economic reforms that encourage investments.

According to the Moroccan premier, foreign investors are increasingly setting up in the Tangiers Free Zone which hosts 56 companies with 12,000 jobs.

The zone is expected to attract some 117 important companies in the coming months for an overall investment valued at 2.2 billion DHs (nearly US $220 million), the minister added, underlining that this will generate 18,000 jobs.

Previous Stories:
  French electric and optic connectors group to open plant in Morocco   (10/8/2003)
  Renault buys 26% of Moroccan carmaker's state owned shares   (9/27/2003)
  La Tribune: French savings bank to set up in Morocco   (9/19/2003)

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