Spain’s Teknia Bolsters Footprint in Morocco’s Automotive Industry
Spanish car component manufacturer, Teknia Group, has opened a new plant in Tangier to boost its production capacity.
The new factory, which replaces an existing plant set up by the group in 2011, is built over a surface area of 2,700 square meters, the Group said in a statement.
The Spanish group operates in the US, Mexico, Brazil, Poland, the Czech Republic, Serbia and Turkey.
Morocco’s automotive industry is growing at a rapid pace due to incentives and competitive factors attracting more and more investors and car parts makers.
These factors include Morocco’s proximity to the European market, modern infrastructures, free trade zones, qualified manpower, open economy and stability.
Experts say that the development of the automotive industry in the country will help the Government create 90,000 jobs by 2020 in addition to the 100,000 that already exist.
The government also aspires to increase the proportion of locally produced components in exported cars from 40% to 65% by the end of the decade.
French automaker Renault operates two vehicle assembly plants in Morocco, in Casablanca and in Tangier, where it already produced its millionth vehicle since opening the factory in 2012. PSA Group will begin building cars near the Moroccan coastal city of Kenitra in 2019.