Morocco’s Automotive Industry Receives Boost from South Korea’s Wheel Manufacturer
A ceremony marking the launch of construction works of the new plant was attended by Morocco’s Industry and Investment Minister Moulay Hafid Elalamy who said that the 23 hectare-factory will create 1300 direct jobs and will help strengthen the value chain of Morocco’s car industry.
“Morocco developed a resilient car industry and strengthened its position at the international level thanks to investments by Renault and PSA,” he said, noting that Morocco has an annual production capacity of 650,000 cars and 200,000 motor bikes, the bulk of which goes to exports.
He added that the automotive sector’s exports stood at 70 billion dirhams with a domestic sourcing rate of 50%.
For his part, President of the Tangier-Mediterranean Special Agency (TMSA) Fouad Brini said Hand Corporation investment will build the factory on the Tangier’s port and automotive industry infrastructure to produce 8 million units annually.
On the same occasion, President of Hands Corporation, Seung Hyun Chang, said “Morocco is the best location in North Africa to develop international activities”.
Morocco “is at the crossroads between Africa and Europe and has best infrastructures in the region as well as a booming automotive market with significant growth potential,” he added.
In 2016, Hands Corporation posted a turnover of €542 million. The company produces 13.5 million wheels per year and employs 2360 people.