Korean group still bullish about Morocco

A source in the South Korean Daewoo Group said that the financial upheaval in Seoul is not affecting the group's activities abroad, especially their new projects in developing markets, on top of which is Morocco.

He added that Daewoo will implement all its projects in Morocco which are worth $1 billion, half of which has already been invested in projects which include electronic appliances, tourism and telecommunication.

The source stated that two thirds of Daewoo's activities are outside Korea which leaves the group unaffected by the Korean financial havoc. Daewoo has most of its products manufactured through its factories around the world.

He pointed out that opportunities for expansion exist in Morocco which reflect the group's confidence in the Moroccan economy.

The group's future projects in Morocco include setting up a center for assembling auto parts, and manufacturing electronic and household appliances and computer software.