US company and Morocco sign agreement for creation of industrial park
Morocco, Business, 9/15/1999

The US company CMS Energy signed on Tuesday with Moroccan authorities an agreement for the creation of an industrial park in Jorf Lasfar, El Jadida (220 km south of Rabat).

The Michigan-based company which announced the project at a conference in Rabat said as part of the industrial park, a re-investment in a success country, it will undertake major marketing and promotion activities to attract foreign capital, and develop new foreign direct investments, joint ventures and exports.

It also pledges to undertake side activities in the region such as participation in a local vocational training center, a $ 72,000 donation to a charity association and a financial support to Morocco's bid to host the 2006 world football cup.

For the project promoters, the industrial park boasts several advantages, including proximity to the maritime port and to the phosphates company industrial compound, the agricultural calling of the region, access to international markets, mainly African and European ones and the presence of a skilled labor.

"CMS Energy" had concluded with Morocco in 1997 an agreement for the construction and operation of an electricity-generating plant for a total value of $ 1.5 billion. So far, two units have been completed, a third one will be finished in June 2000 and a fourth one will be operational in December 2000. The Jorf Lasfar compound will meet 65 % of Morocco's electricity needs.

With sales of $ 7.5 billion in 1999 and $ 16 billion in energy assets, CMS Energy is one of the largest energy companies in the world. It is present in over 30 US states and 22 other countries.

Previous Stories:
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  Morocco's industry, energy and mining perform well in 1999   (9/2/1999)
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