Mar. 08, 2018
Sumitomo Corporation
Sumitomo Corporation’s Casablanca Office obtains CFC status
The Casablanca Office, a representative liaison office in Morocco, of Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Kuniharu Nakamura) on February 5 was granted Casablanca Finance City (hereinafter, “CFC”) status.
Casablanca Finance City is a flagship public-private initiative launched in 2010 by the Moroccan authorities. Recognized as the leading financial center in Africa, CFC provides a one-stop-shop, stable and reliable platform for financial institutions, multinational companies, professional services providers (including law firms and consulting firms) and holdings wishing to do business in Africa.
As a result of its attractive value proposition and premium “Doing Business” support, CFC has built a strong and thriving community of members which accounts now for more than 140 high profile companies, covering 46 countries in Africa.
Sumitomo Corporation is focused on North Africa’s potential, and its wholly-owned subsidiary Sumitomo Corporation Europe Limited (hereinafter, “Sumitomo Corporation Europe”) established a working group in May 2016 that looked intensively and deeply at a variety of business opportunities in the region. The group’s attention was drawn to Morocco’s appeal, stemming in part from its geographical advantages, political stability and its conclusion of FTAs with more than 50 countries/regions, and the group started in earnest to develop new business projects.
In July of last year, Sumitomo Corporation Europe concluded an MOU with Attijariwafa bank, Morocco’s largest bank in terms of total assets, on jointly examining new project development and, prompted by this MOU, has begun considering specific projects in multiple sectors in Morocco as well as in all the countries of presence of Attijariwafa bank in Africa.
Sumitomo Corporation will make maximum use of the advantages gained by its Casablanca Office’s acquisition of CFC status, to step up the development of new projects in Morocco and other African countries to bring them to fruition and thereby help expand Africa’s growing economy and industry.
| ■Profile of Casablanca Office |
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Official name |
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Sumitomo Corporation Casablanca Liaison Office |
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Address |
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Tour Ouest, 8e etage, Angle Boulevards Zerktouni et AI Massira Casablanca, Morocco (B.P.13055, Casablanca Principal, Morocco) |
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| ■ Overview of CFCA |
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・Year established |
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2010 |
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・Location |
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Casablanca, Morocco |
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・Representative |
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Said Ibrahimi |
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・Description of business |
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Development/operation of CFC |
＜Reference data＞
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This activity especially contributes to “the Development of Local Communities and Industries”.
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