Rabat, Morocco (TMT)- Morocco’s King Mohamed VI chaired a ceremony for the launch of a new Renault project in Morocco last Friday in Rabat, one titled “Renault Ecosystem.”
Estimated at MAD 10 billion, the project aims at developing a global platform for financing, tripling job opportunities through the creation of 50000 new permanent positions, and reaching a local integration rate estimated at 65 percent.
Morocco’s Minister for Industry, Moulay Hafid Elalamy said that the ecosystem, including its new plants will raise Renault’s local sourcing of components to 65 percent from 32 percent, stressing that the ecosystem is expected to generate 20 billion dirhams in revenues.
“We have signed this agreement that is expected to transform Morocco’s automotive industry. Exports from Morocco’s motor industry generate about 50 billion dirhams per year surpassing all other sectors of the country,” Moulay Hafid Elalamy said.
On this occasion, King Mohamed VI presided over the signing of three agreements related to the new project. The new project is deemed a reflection of the trust that investors endow Morocco with as the country is politically and economically stable, deemed currently the strongest magnet of FDI in the region.
The Director of Operations of Renault Group in the MENA region praised King Mohammed VI’s vision, one that has enabled the acceleration of the industrialization pace in Morocco.
It is worth noting that Renault group owns a huge car manufacturing plant in Tangier, one which has contributed to the marketing of various low cost cars in more than 54 countries around the world, with the list including countries like Tunisia, Egypt, France, Belgium, Germany, Britain, among various others.
(Reporting by Yasyn Mouhir; Editing by Idriss Benarafa)
The Moroccan Times.