Highlights

Morocco and Italian Magneti Marelli Group signed an agreement on setting up in Tangiers a plant specializing in producing car components for an amount of 37 million euros : 26/09/2017

Morocco and Italian Magneti Marelli Group signed an agreement on setting up in Tangiers a plant specializing in producing car components for an amount of 37 million euros

Mohamed Boussaid, Minister of Economy and Finance, Moulay Hafid Elallamy, Minister of Industry, Investment, Trade and Digital Economy, and Pietro Gorlier, CEO of Magneti Marelli signed, Tuesday September 26th 2017 in Rabat, an agreement concerning the installation of a manufacturing facility specialized in automotive components production and which will deliver shock absorbers in the first phase.

The industrial zone will be located in Tangier, in the free zone "Tangier Automotive City", and will cover an area of approximately 20,000 square metres, with the possibility of subsequent expansion. The production capacity, when fully operational, will be approximately 6 million pieces. Production is forecast to begin within 2019, with the progressive employment of approximately 500 workers by 2025, said a statement by the Ministry of Industry.

Speaking at the signing ceremony of the agreement, Mr BOUSSAID welcomed the establishment of the Magneti Marelli group in Morocco, saying that the Kingdom has the financial, technical and human resources to become an attractive pole for Foreign Direct Investment (FDI) and multinational firms.

The activity will initially focus on the production of shock-absorbers for cars and commercial vehicles, with the possible extension of the scope to other products, it added. For Magneti Marelli, the localization of production in Morocco follows the logic of supporting locally the industrial sites and the business expansion of a number of important automotive clients in the North African region, and marks the opening of a new market in the Maghreb area.