Rabat – South Korean industry manufacturer Hands Corporation inaugurated a new plant in the city of Tangier on January 14.
The company invested a budget of MAD 4.3 billion ($450 million approximately) in the construction of its new plant in Tangier. The plant will produce aluminum wheels.
The manufacturing plant boasts a total surface area of 23 hectares. The company seeks to create 1,600 jobs in addition to the production of 8 million units annually.
Morocco’s Minister of Industry Moulay Hafid Elalamy co-chaired the inauguration with South Korea’s ambassador to Morocco Seong-Deok Yunk and the President of Hands Corporation, Rhee Suckchoo.
Elalamy said that the project represents a “major investment by a leading Korean group in the car industry.”
The South Korean firm is among the top 5 of the world’s largest manufacturers of aluminum wheels.
With the latest investment from the South Korean firm, Morocco will move to 3rd place in the global aluminum sector, according to the minister.
Expressing satisfaction with the project, Elalamy also spoke about the importance of the plant.
“This plant is not only the eighth for the group and the first outside of South Korea and China, but also the most advanced one in terms of technology,” Elalamy underlined.
The Moroccan government is reinforcing its automotive industry to lead within the detector, with a series of projects in the works.
“The car industry in Morocco will further develop in the future through this major project,” Elalamy said.
Sukchoo emphasized that the inauguration is part of the group’s expansion worldwide.
“The group has decided to expand its activities worldwide by investing in Tangier,” the official said.
The plant seeks to produce 4 million aluminum wheels per year.
The “plant will become the group’s largest production site when its capacity will reach 8 million units annually,” Sukchoo said.
