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Moroccan Ministers of Industry and Economy, Moulay Hafid Elalamy and Mohamed Boussaid, along with the chairman of Citic Dicastal, Xu Zuo signed an investment agreement in Rabat, Thursday 26th, to build aluminum car rim factories in Morocco, says Reuters.
Signature en compagnie du ministre du Commerce et de l’Industrie de la convention d’investissement avec le groupe chinois citic dicastal pour la réalisation d’une usine de production de jantes aluminium : investissement de 350 millions d’euros et création de 1.200 emplois. pic.twitter.com/KEuJUzSspL
— mohamed boussaid (@moboussaid) 26 juillet 2018
The Chinese group specialized in manufacturing car wheel rims, plans to produce six million rims per year and export 90 percent of them, investing 350 million Euros in building two plants in northern Morocco and creating 1200 job opportunities.
The automotive industry is one of the largest growing sectors in the country as several other international groups have invested in the same field. Last April, South Korea’s Hands Corp announced that it is constructing an aluminum rim factory in Tangier.
Citic Dicastal has 30 production units in all of Europe, North America and China. They are dedicated to the production of light automotive components and aluminum rims. The group also supplies major car manufacturers, such as Renault-Nissan, PSA, General Motors, Ford, Toyota, Volkswagen, BMW, and Audi.
