Daewoo invests in Morocco as its industrial base for Africa

The Moroccan government signed two agreements with the Korean economic group Daewoo, worth $500 million, in the fields of car manufacturing, electronics, tourism, and finance.

The investment program includes setting up two industrial units in Casablanca to manufacture cars and electronic appliances with a capital of $400 million which will create 5,700 new job opportunities. The remaining $100 million will be used in expanding the Hotel Hilton in Rabat which will create 300 new job opportunities.

The two sides intend to sign additional agreements in the future in the field of communication. According to the statements of the General Director of the company Kim Wo Chong, the total investments of the Korean group in Morocco will reach $ 1 billion as the Korean company intends to make Morocco its industrial basis in Africa and the Middle East.