Automotive sector

Morocco unveils $180 million in new investments in the automotive sector

Morocco and five automotive suppliers have signed 8 investment agreements worth 1.7 billion dirhams ($1.8 billion) to set up factories in different industrial sites to strengthen wiring components, essential for meet growing orders from electric vehicle manufacturers.

Speaking at the signing ceremony, Morocco’s Minister of Industry, Ryad Mezzour, said the new investments enhance Morocco’s attractiveness for foreign investors and bring technological added value to cabling components manufactured in the country. country.

Japan’s Yazaki is to set up a new $38 million cabling factory in Tangier and expand its existing factories in Kenitra and Tangier for $40 million.

Sumitomo will expand its Casablanca factory for $15 million, while Lear has announced it will set up an electrical cable factory in Meknes for $20.6 million and a new terminal and connector factory for $28 million. of dollars.

Stahlschmidt said he would start a cable and locking system factory for $11 million.

TE Connectivity has announced the establishment of a $20.8 million connector molding and assembly plant in Tangier.

The automotive ecosystem is Morocco’s leading export sector with 8.6 billion dollars in 2021, an increase of 16% compared to 2020.