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Japan’s Sumitomo Corp., one of the largest worldwide Sogo shosha general trading companies, is planning to set up Morocco as a post-Brexit alternative manufacturing hub.
According to Japanese financial newspaper Nikkei, the trading house will «broker industrial park space» for a company linked to the Moroccan government to help Japanese manufacturers export to Europe, the company said on Friday.
With the help of the Tanger Med Special Agency, Sumitomo will be selling five industrial parks, spanning 13 sq. km, near the port city of Tangier. It is also planning to have a joint venture with the Moroccan company to create similar parks in the Kingdom.
The Japanese trading house has chosen Morocco over other countries because it enjoys tariff-free trade with the EU.
«Tanger Med and Sumitomo aim to attract manufacturers operating in Britain that are hunting for a new export base into the European Union as the U.K.'s drawn-out divorce from Brussels threatens to disrupt trade», wrote the same source.
The Tanger Med deal with Sumitomo emerges as the Japanese company has announced its entry into African industrial parks.
