Taroudant - French vehicle manufacturer Renault has signed agreements with Morocco to invest 10 billion dirhams ($1.04 billion) and create 50,000 jobs in Morocco.
Taroudant – French vehicle manufacturer Renault has signed agreements with Morocco to invest 10 billion dirhams ($1.04 billion) and create 50,000 jobs in Morocco.
Moulay Hafid Elalamy, Morocco’s Minister for Industry, was quoted by AFP as saying, “This strategic project alone will give Morocco 50,000 new jobs and combine investment of more than 10 billion Moroccan dirhams).”
After signing the deal on Friday at the launching ceremony of Renault Group’s new project in Morocco, Elalamy said, on the sidelines and in the presence of King Mohamed VI, that the ecosystem and its new plants will raise Renault’s local component sourcing from 32 to 65 percent and are projected 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,” he said.
Renault’s head of operations for the Africa-Middle East-India region, Bernard Cambier, was said to be optimistic about the deal.
According to the same source, Cambier said the agreements will “… more than double the revenue that we make in Morocco, with a target of two billion euros in a few years.”
On Friday, The King chaired the signing ceremony for three agreements related to the “Renault Ecosystem” project. The first was a framework-agreement on the setting up of the Renault ecosystem. The second was related to industrial real estate and the third to executive and vocational training specific to the automobile sector.
In recent years, Morocco has managed to attract a number of large auto and aerospace investors, including Delphi, Bombardier and Eaton Corp.