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12/12/2017 - 07:00hs

Auto industry investing USD 1.45 bn in Morocco

Twenty-six new car parts industry projects will be rolled out in the country, with 11,500 new jobs expected to be created. The manufacturers involved include Renault, Peugeot and Valeo.

Casablanca – This Monday (11) in Casablanca, Morocco saw the announcement of 26 new auto industry projects, with total investment expected to amount to MAD 13.78 billion (or USD 1.45 billion). The news was made public during a ceremony led by king Mohammed VI, news outlet Maghreb Arabe Presse (MAP) reported.

Fadel Senna/AFP

King Mohammed VI attended the ceremony

Morocco’s minister of Industry and Trade Moulay Hafid Elalamy said the projects will lead to 11,568 direct jobs being created, and that they provide for the manufacturing of aluminum wheels, dashboards, bumpers and seats.

Six of the projects will add to Renault’s manufacturing chain, as the carmaker is developing a global supply platform in Morocco. Renault car parts made in Morocco amount to some EUR 1 billion per year, at a 55% rate of locally-made content.

Thirteen other projects involve PSA Peugeot-Citroën, which is creating a manufacturing hub in Kenitra, near the capital Rabat.

Five projects involve cabling and connectors, and the last two will add to the supply chain of French auto parts manufacturer Valeo.

MAP said these supply chains have already created 80,597 jobs, or 90% of the amount expected to be achieved by the year 2020. Morocco’s auto industry grossed MAD 60 billion (USD 6.3 billion) from exports last year, up 50% from 2014 – the year the country’s new industrial policy was put in place.

Auto parts exports from Morocco to Brazil last year slightly exceeded USD 7 million, according to the Brazilian Ministry of Industry, Foreign Trade and Services. The country is home to manufacturing operations by Renault, PSA Peugeot-Citroën and Valeo.

*Translated by Gabriel Pomerancblum

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