Morocco, Portugal Sign Agreement on Textile Recycling Project

The agreement constitutes a basis for strengthening business and investment opportunities in several areas and consolidating the partnership between Rabat and Lisbon.

With an amount of MAD 1 billion, Morocco and the Portuguese group specializing in textiles, Valerius Texteis, signed an agreement on Friday in Lisbon.

This agreement was signed on the sidelines of the Portugal-Morocco High Level Meeting and aims to strengthen and sustainably develop the Moroccan textile sector. The forum was initiated by the General Confederation of Moroccan Enterprises (CGEM), the Portuguese Business Confederation (CIP), the Portuguese Agency for Investment and Foreign Trade (AICEP), and the Moroccan Investment and Export Development Agency (AMDIE).

The Portugal-Morocco Economic Forum constitutes a basis for strengthening business and investment opportunities in several areas and consolidating the partnership between businessmen of both countries.

Already operating in Morocco, Valerius Texteis is launching a new textile recycling project that will create 1,500 jobs. 

This Economic Forum is an opportunity to discuss the levers to be activated to further strengthen economic and trade cooperation between the two countries.

It also aims to identify new opportunities for cooperation and build innovative and sustainable partnerships between Moroccan and Portuguese companies in key sectors such as industry, renewable energy, and digital.

This joint partnership between Morocco and Portugal is not the first of its kind, as the two countries had already signed an agreement in 2021 to boost economic cooperation through the establishment of a joint Economic Council in Casablanca.

The agreement aimed to further the economic partnership and collaboration between Portugal and Morocco, with the purpose of creating win-win investment and trade opportunities.