Summary:

On 22 February 2024, Mitsubishi Corporation announced plans to liquidate their Tunisian business and consolidate operations under their Casablanca office.  

The planned liquidation was published in the Official Journal of the Republic of Tunisia (or JORT) on 22 February 2024. 

Mitsubishi, which operates globally as hundreds of distinct businesses, has supported large scale projects in Tunisia, including collaborations with Japanese development agencies. 

Recent years have brought other high-profile exits from the Tunisian market, including by multi-national pharmaceutical firms and fast fashion supplier H&M. A Canadian oil firm has been in a multi-year arbitration process with the Tunisian government in an attempt to recuperate losses from an investment project. 

Outlook:  

The departure of Mitsubishi from Tunisia is a sobering reminder of the current economic and investment climate in Tunisia which, while promising, remains fraught with corruption, political risk, and the general perception of instability. 

Mitsubishi’s departure could prompt other multinational firms to reconsider their posture as they weigh the potential benefits against the costs of operating in Tunisia. 

The consolidation under Mitsubishi’s Morocco office, while likely a matter of administrative convenience, is a particularly difficult pill to swallow as another multi-national opts for operating in the country’s regional rival. 

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