Morocco unveils $180 mln in new automotive sector investments
Morocco and five automotive part manufacturers signed 8 investment agreements worth 1.7 billion dirhams ($1.8 billion) to set up plants in different industrial locations to boost the wiring components, key to meeting the growing orders from electric vehicle makers.
Speaking during the signing ceremony, Moroccan Industry Minister Ryad Mezzour said the new investments reinforce Morocco’s attractiveness to foreign investors and bring a technological added value to wiring components made in the country.
Japan’s Yazaki will set up a new cabling plant worth $38 million in Tangiers and expand its existing plants in Kenitra and Tangier for $40mln.
Sumitomo will extend its plant in Casablanca for $15 million, while Lear said it will set up a plant for electrical cables in Meknes for $20.6 million and a new terminals and connectors factory for $28 million.
Stahlschmidt said it will launch a cables and locking systems factory for $11 million.
TE connectivity for its part said it will set up a connectors moulding and assembly plant worth $20.8 million in Tangier.
The automotive ecosystem is Morocco’s leading exporting sector with $8.6 billion in 2021, that is a 16% increase compared to 2020.