Rabat - Fiat’s Subsidiary, Magneti Marelli signed an agreement with Morocco on Tuesday for the establishment of an automotive production plant in Tangier.
Rabat – Fiat’s Subsidiary, Magneti Marelli signed an agreement with Morocco on Tuesday for the establishment of an automotive production plant in Tangier.
Pietro Gorlier, CEO of Magneti Marelli, signed the agreement with Moulay Hafid Elalamy, Minister of Industry, Investment, Trade and Digital Economy, and Mohamed Boussaid, Minister of Economy and Finance. The overall amount allocated for this investment project is MAD 441 million.
The plant will cover an area of approximately 20,000 square meters, with the possibility of subsequent expansion, according to a press release published by Magneti Marelli.
According to the same source, “the plant’s production is forecast to begin within 2019, with the progressive employment of approximately 500 workers by 2025.” The production capacity will be approximately 6 million pieces, added the statement.
Elalamy said, “this initiative forms part of Morocco’s aspirations to develop the industrial activity of the automotive sector by attracting new manufacturers and equipment providers.”
The Italian company’s CEO said, “We are delighted to be a partner of the Moroccan State in one of the strategic objectives of the country, the development of the automotive industry.”
He continued, “for Magneti Marelli, the creation of an industrial site in Morocco represents an opportunity to further expand its business, responding to the demands and needs of a number of key clients that are making important investments in the area.”
Edited by Patrick Shaffer