Nov. 08, 2019
Sumitomo Corporation
Tanger Med Special Agency

Business Development Agreement Concluded for Industrial Park Business in Tangier, Kingdom of Morocco

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has concluded a business development agreement with Tanger Med Special Agency (Head Office: City of Tangier, Kingdom of Morocco; Chairman of the Supervisory Board: Fouad Brini; hereinafter, “TMSA”). Under the agreement, Sumitomo Corporation will support sales activities for the special economic zones that are operated by TMSA.

Morocco has an abundant high quality labor force and enjoys political stability. Moreover, it is in a strategic location that connects markets in Europe, the Americas, Africa and the Middle East. Tangier (Tanger in French) is the northernmost port city in Morocco and is only 14 kilometers from the European continent across the Strait of Gibraltar. The city has long prospered as a gateway connecting Africa to the European market. Recently the city has become home to companies in the automobile and aircraft industries, and Japan-based manufacturers of automotive components have also started operations sequentially in the city, including manufacturers of wire harnesses and electric power steering systems.

TMSA is a developer and operator of a total of five special economic zones located in the suburbs of Tangier: Tanger Free Zone, Tanger Automotive City, Tetouan Park, Tetouan Shore, and Tanger Med Logistics Free Zone located in the Tanger-Med Port area. In these special economic zones under the control of TMSA, companies can receive special benefits, such as tax incentives and simplified customs clearance procedures. Also, the special economic zones are close to the European market, and products exported from the zones to the market reach Europe within a week.

Sumitomo Corporation has engaged in development, operation and sales activities for special economic zones and industrial parks in Indonesia, the Philippines, Vietnam, Myanmar, India and Bangladesh, and has a wealth of expertise in such activities. The company will make use of the networks and know-how developed and accumulated through the business to support sales activities for the special economic zones under the control of TMSA, while also serving as a contact to provide information about the investment environment and tax incentives offered in Morocco and the Tangier area.

TMSA is a public corporation established by the government to develop industrial parks and ports in the Mediterranean area centering around Tangier. Tanger-Med Port developed by TMSA has a container throughput of about 3.47 million TEUs (Twenty-foot Equivalent Units) as of 2018 and is the largest container port in Africa. Adding up the container throughput of Tanger-Med II Port opened this June, the total throughput will reach about 9 million TEUs in the future—the largest on the Mediterranean.

Taking this opportunity, Sumitomo Corporation and TMSA will work to attract more manufacturers to Morocco with an eye toward developing a special economic zone through a joint venture in the Tangier area in the Kingdom of Morocco in the future, thereby contributing to the development and diversification of the industry as well as to job creation in the country.

 

[Reference]
■Locations of the special economic zones under the control of TMSA

 

 

■Photo

(Tanger Automotive City)

 

(Tanger-Med Port)

 

■Sumitomo Corporation’s  Material Issues

Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “the Development of Local Communities and Industries” and “Providing Diverse Accessibility”.


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