By Ross Marowits, The Canadian Press <\/p>\n
MONTREAL - Bombardier Aerospace says it has bought land near the airport in Casablanca's free zone that offers five years of no taxes and other financial incentives for a manufacturing facility set to open next year. <\/p>\n
The Montreal-based aircraft manufacturer said Monday it signed a deal with Moroccan property holding and management company Midparc Investment S.A. for the land in a free zone in Nouaceur. <\/p>\n
Midparc is owned by a state financial agency and three private industrial companies specializing in aeronautics and electronics fields. <\/p>\n
Bombardier Aerospace president Guy Hachey said the selection of the site for the manufacturing facility is \"an important first step\" in establishing the world's third-largest aircraft manufacturer in the North African country. <\/p>\n
\"The site met our stringent requirements and high standards and we look forward to the start of the construction and production of the first Moroccan-built Bombardier aircraft components,\" he stated in a news release. <\/p>\n
Hachey said it hopes the long-term relationship will serve as a catalyst for the aircraft industry in Morocco. <\/p>\n
Bombardier (TSX:BBD-B.TO - News) joins other aerospace manufacturers in setting up shop in Morocco, which has established an aerospace training program and offers many tax and financial incentives to attract companies. <\/p>\n
The company will pay no taxes for five years, 8.75 per cent for another 20 years and 17.5 per cent thereafter. <\/p>\n
On its website, Midparc boasts about low wages being one of Morocco's advantages. It said the average monthly wage is US$327, lower than in Tunisia and Turkey, 10 times lower than Spain and a quarter of what's earned in South Africa. <\/p>\n<\/p>\n
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Bombardier buys land in Casablanca free zone for aerospace manufacturing plant<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By Ross Marowits, The Canadian Press MONTREAL - Bombardier Aerospace says it has bought land near the airport in Casablanca's free zone that offers five years of no taxes and other financial incentives for a manufacturing facility set to open next year. The Montreal-based aircraft manufacturer said Monday it signed a deal with Moroccan property holding and management company Midparc Investment S.A. for the land in a free zone in Nouaceur. Continue reading