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Sumitomo Invests In Tanger Med To Promote Special Economic Zones

Sumitomo invests in Tanger Med to promote special economic zones

Sumitomo Invests In Tanger Med To Promote Special Economic ZonesSource: Tanger Med Port Authority

Tanger Med, Morocco (PortSEurope) November 11, 2019 – Japan’s Sumitomo Corporation has signed a business development agreement with Tanger Med Special Agency (TMSA) to support sales activities for the special economic zones that are operated by TMSA.

TMSA has developed and is the operator 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), where companies enjoy tax incentives and simplified customs clearance procedures.

Sumitomo Corporation has business relations with special economic zones and industrial parks in Indonesia, the Philippines, Vietnam, Myanmar, India and Bangladesh. Sumitomo will support sales activities for TMSA’s special economic zones, and promote the zones by providing information about the investment environment and tax incentives offered in Morocco and the Tangier area to interested parties.

Tanger Med and the neighbouring area has the advantages of a low cost, high quality workforce and a close locations to European markets for exporters. Tanger Automotive City has been highly successfuö, developing a growing automotive parts industry supplying local car manufacturers such as Renault.

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