Morocco’s automotive sector continues to attract new heavyweight investors as the country positions itself as a continental investment hub.
Rabat – Canadian automotive supplier Magna is launching the construction work for a new mirrors facility in Morocco. The move comes as the Canadian giant seeks to be a part of the North African country’s growing automobile sector.
With a budget of $11.3 million, the plant will create 275 job opportunities.
The expansion of the Canadian firm seeks to “further support customers in the region,” according to Nasdaq
The new plant will be built in a 61,44 square foot space in the free industrial zone in Kenitra, an hour drive from Rabat. The plant is set to supply international automotive companies with interior and exterior mirror systems.
The facility will start production in the spring of 2020.
The president of Magna Mechatronics, Lighting, and Mirrors, John O’hara said, “Expanding into Morocco is a strategic move.” O’hara’s hope is that expanding to Morocco will attract a new and considerable base of customers.
But the company also expects to capitalize on the North African country’s workforce. “We also value the high level of skilled employees and engineering talent in the region, and we look forward to building a strong and capable team,” O’hara noted.
In 2018, Magna and Altran Technologies SA set up an engineering center in Casablanca to provide engineering services for cars.
Fourteen kilometers away from Europe and a doorway to Africa, Morocco has established itself as a leader in the automotive industry. Morocco’s strategic location has attracted several world leaders in the industry.
Along with the aeronautic industry, the automotive sector is significantly contributing in the success of Morocco’s new development strategy.
Between 2014 and 2018, the automotive industry held the highest record of job creation per economic sector in Morocco.
The sector generated 116,611 jobs in that time, representing 28.8 percent of all new jobs at the time, the Ministry of Industry said earlier this month.