Korean HANDS Corporation, aluminum wheel manufacturer, opened on Tuesday a plant in Tangier, its first production site in Africa, enhancing Morocco’s automotive cluster, which is attracting a growing number of investors in this highly competitive industry.
The Korean group has invested over €400 million in its Moroccan factory to create up to 1600 jobs.
Built in Tangier Automotive City over a 23 ha, the Hands plant will produce in a first phase 4 million aluminum wheels per year before reaching full gear with 8 million units per year, mainly for export.
The Korean firm is among the top five world leaders of aluminum alloy wheels. It supplies major car manufacturers including PSA, Renault, Nissan, VW, GM, Hyundai, Ford, KIA, Skoda, Suzuki, Chrysler…
Speaking during the inauguration ceremony of this factory, Industry minister Moulay Hafid Elalamy said the project launched by Hands Corp. in Morocco represents a “major investment by a leading Korean group in the car industry.” It is the third largest investment in the automotive sector, after those of Renault and PSA, and will enable the country to become the third largest manufacturer of aluminum wheels in the world, he said.
President of Hands Corporation, Rhee Suckchoo, on his part said the inauguration of the Tangier plant is part of the group’s expansion worldwide.
“The group has decided to expand its activities worldwide by investing in Tangier,” Suckchoo said, noting that the “plant will become the group’s largest production site when its capacity will reach 8 million units annually.”
Morocco’s car industry is growing at a rapid pace due to incentives and competitive factors offering investors an export-focused production hub close to the European market, modern infrastructures, free trade zones, qualified manpower, open economy and stability.