Rabat —On Thursday, July 26, Morocco and Chinese group Citic Dicastal have signed an investment agreement for the realization of an aluminum wheels manufacturing project requiring a 350 million euro investment and set to create 1,200 jobs.
As part of the investment agreement signed by the Minister of Industry, Investment, Trade and Digital Economy, Moulay Hafid Elalamy, the Minister of Economy and Finance, Mohamed Boussaid and Vice Chairman of Citic Group Corporation and Chairman of Citic Dicastal, Xu Zuo, Citic Dicastal's installation in Morocco will be rolled out in two phases, first in Kenitra, then in Tangiers.
The Group will develop its activities in Kenitra’s Atlantic Free Zone (AFZ) with a production scheduled to start for the end of 2019. It will then strengthen its presence in Morocco by opening a new facility in Tangier Tech.
“A global pioneer in the production of aluminum rims is feeding the PowerTrain ecosystem and introducing a high value-added activity to Morocco,”said Elalamy at the signing of the investment agreement, adding that the implementation of this highly strategic project reflects the strong will of both Morocco and China to strengthen their bilateral relations, further enhanced following the visit of HM King Mohammed VI to China in May 2016.
This large-scale project will have an annual production capacity of 6 million pieces, 90% of which are intended for the export market, Elalamy said, noting that the facility’s construction “should take less than 10 months.”
The automotive industry, Morocco’s leading export sector, continues to confirm its position as a driving force for the domestic industry, Elalamy said, adding that efforts will continue to be made to further support it and to achieve an integration rate of 65% in the coming years.
For his part, Boussaid praised the momentum of Morocco’s automotive industry, having positioned the country on the world map as a production and export platform. Boussaid also said he was delighted to see a world leader in aluminum rims like Citic Dicastal set up in Morocco, expressing his wish to make this auto industry project “a genuine success.”
For his part, Mr. Xu Zuo said that through this project, Dicastal will expand its global coverage and contribute to the industrial development of Morocco and of the China-Morocco trade.
Citic Dicastal Group currently operates 30 production units throughout Europe, North America and China. These facilities are dedicated to manufacturing light automotive components and aluminum rims. It supplies major car manufacturers, including: Renault-Nissan, PSA, GM, Ford, FCA, Toyota, Volkswagen, BMW, Audi, etc.
Source : Usineafricaine.com