Daewoo to build two new plants in Morocco

Morocco and Daewoo signed in Rabat on Friday a draft agreement under which the South Korean group will build two new production plants in the industrial compound of Nouaceur, near Casablanca.

The document, signed by two Moroccan ministers and the chairman of Daewoo-Morocco, provides for the dates to launch the two plants that will produce television sets, cars and cathode tubes; planning studies; capital and funds transfer and the creation of jobs, Map reported.

The "Daewoo-Maghreb" which will lead the group's interests and projects in north Africa will be launched shortly, the chairman of Daewoo-Morocco announced.

Daewoo group committed in October 1997 to invest $500 million and create 6,000 jobs for the annual manufacture of one million television sets and two million cathode tubes and to invest an additional $200 million for the annual production of 100,000 cars and $100 million for the purchase, refurbishment and extension of a five-star hotel in Rabat.