Sumitomo Corporation Overseas Industrial Park Department

Sumitomo Corporation (having its headquarters in Chiyoda-ku, Tokyo, and Mr. Masayuki Hyodo as President and CEO) and the Mediterranean Special Administration of Tangier (hereinafter “TMSA”, having its headquarters in City of Tangier , Kingdom of Morocco, and Mr.Fouad Brini as Chairman of the Board of Directors of Audit) have agreed to support the sale of special economic zones operated by TMSA under its Business Development Agreement.

With its stable political situation and abundant, high-quality workforce, Morocco is strategically located to connect markets in Europe, Americas, Africa and the Middle East. Tangier, in particular, is the northernmost port city of Morocco, only 14 kilometers south from the European continent across the Strait of Gibraltar, and has long been a gateway between Africa and the European market. In recent years, the automotive and aerospace industries have been increasingly concentrated, and Japanese manufacturers have been increasingly involved in the production of automotive parts such as wire harnesses and electric power steering systems.

TMSA develops and operates five special economic zones near Tangier, including the Tangier Free Zone, Tangier Automotive City, Tetuan Park, Tetuan Shore, and Medhablogistics Free Zone located in the port of Tangier Mediterranean. Special economic zones under TMSA will offer preferential tax treatment and simplified customs procedures. Also, because of its proximity to the European market, it is possible to deliver products to Europe within a week at the longest after export.

Sumitomo Corporation has extensive knowledge and expertise in the development, sale, and operation of special economic zones and industrial parks in Indonesia, the Philippines, Vietnam, Myanmar, India, and Bangladesh. We will use the network and know-how we have accumulated to support sales in special economic zones under TMSA. It also serves as a contact point for information on the investment environment and preferential investment programs in Morocco and Tangier.

TMSA is a governmental corporation established for the purpose of developing industrial parks, ports and other facilities in the Mediterranean Sea coastal area centering on Tangier. As of 2018, TMSA’s Tangier MED port was handling approximately 3.47 million TEUs (20 feet container equivalent), making it Africa’s largest container port. Combined with the opening of the MED II port in June, the capacity is expected to reach approximately 9 million TEUs in the future, the largest capacity in the Mediterranean Sea.

Sumitomo and TMSA will collaborate and cooperate to contribute to industrial development, diversification, and job creation in Morocco by encouraging the entry of the manufacturing industry into Morocco, with a view to joint development of a special economic zone in the region of Tangier, Morocco, in the form of joint venture in the future.