STMicroelectronics, ONE, Eurinvest group, major investment conventions signed in Rabat

The Moroccan government signed this Wednesday three major investments conventions worth 2.9 billion Dirhams (US$ 306 million) with foreign private companies operating in micro-electronics development and design, natural gas-generated electricity and retail services.

The first convention signed with French-Italian company STMicroelectronics (formerly SGS-Thomson Microelectronics), worth 100 million DH (US$ 10.5 million) provides for the creation of a center for the development of integrated circuits and software. The state has donated the company a 2.7 hectare land plot for the center that is expected to hire a total of 500 engineers, technicians and administrative staff.

Under the second convention, worth 2.6 billion DH (US$ 273 million), the Moroccan electricity board (ONE), Italy's Endesa and Siemens Projects Ventures will cooperate to produce electricity generated by natural gas in the plant of Tahaddart (northern Morocco).

The third convention, signed with Eurinvest group, provides for the opening in Morocco of 15 do-it-yourself shops of the French "Bricorama" group. The project, worth 200 million DH (US$ 21 million) will generate 300 jobs.

The prime minister praised the investors' creativity and choice of Morocco and said the government is ready to support them all along the projects inception process.