The Europac Group (Papeles y Cartones de Europa S.A.) inaugurated Europac Packaging Med, a new integrated packaging factory in Tangier, Morocco, as the company said in the press release received by Lesprom Network.
This factory, which represents an investment of Euro 30 million and will create 114 direct jobs and 570 indirect jobs when fully operational, has a maximum installed capacity of 100 million m2 of corrugated cardboard a year, which will be developed as the market grows.
According to company's President José Miguel Isidro, Morocco is an important market for the company for several reasons. "The GDP growth rate in Morocco is estimated to be 5% in 2016, a figure much higher than the European average, and 50% of Moroccan GDP comes from the industrial and agribusiness sectors, sectors where the majority of our current packaging customers are concentrated."
The company's investment is justified by the evolution of the Moroccan GDP growth rate and the share that the industrial and agribusiness sectors have in the Moroccan economy.