Morocco and the Citic Dicastal Chinese Group signed, in Rabat, Thursday, July 26th
2018, an investment agreement for the achievement of an industrial program on the production of aluminium rims, for an investment of 350 millions euros and generating 1.200 jobs.
Under this investment agreement signed by Mr. Mohamed Boussaid, Minister of Economy and Finance, Mr. Moulay Hafid Elalamy, Minister of Industry, Investment, Commerce a,d Digital Economy and Mr. Xu Zuo, Vice-président of the Citic Group Corporation and Chairman of Citic Dicastal, the establishment of Citic Dicastal in Morocco will be done in two phases, In Kenitra and then in Tangier. The group will thus develop its activities in Atlantic Free Zone, in Kenitra with a production scheduled to launch in the end of 2019, then expand its its presence in Morocco through a new location in Tanger Tech.
This major project will achieve an annual production capacity of 6 million items, including a share of 90% intended for exportation.
Mr. Boussaid welcomed the dynamics of the automotive industry in Morocco, which positioned the Kingdom in the global automotive map as a platform for production and exportation. Mr. Boussaid stated that he was also pleased that a world leader in the construction of aluminium rims as Citic Dicastal is located in Morocco, experessing his wish to make this automotive industry
project « a great success ».
Mr. Xu Zuo reported that thanks to this project, Dicastal will expand its global presence and will contribute in the industrial development in Morocco and the Moroccan-Chinese economic trade.
The Citic Dicastal Group is provided with 30 production units in Europe, North America and China, dedicated to the production of light vehicle components and aluminium rims. It supplies the major car manufacturers, namely : Renault-Nissan, PSA, GM, Ford, FCA, Toyota, Volkswagen, BMW, Audi, etc.
The Citic Dicastal project was signed into an agreement in December 2017, under the chairemanship of His Majesty King Mohammed VI.