The Spanish group Eurotex, specialized in the manufacture and marketing of paints, enamels and varnishes, will expand its subsidiary in Tangier with the support of Cofides (Spanish company for financing and development).
The investment for its subsidiary will reach more than MAD 3 million, including MAD 2 million provided by Cofides. It will help support the growth of the automotive industry in Morocco. Eurotex is planning to become a supplier of paints for parts manufacturers and repair shops.
“The strong development of infrastructure and the automotive sector, particularly in developing countries, is helping to boost demand for paints and coatings,” says Eurotex, adding that growing environmental awareness has led to increased demand for paint and coatings. Paints and coatings low in organic and volatile compounds, which represents a great opportunity for the group in terms of the development of its activity.