The company will invest MAD 147,25 million for building its fourth plant in Tangier.
Rabat – Automotive multinational company TE Connectivity will install a fourth plant specialized in manufacturing sensor and communication systems in Tangier.
Morocco’s Minister of Industry Moulay Hafid Elalamy announced the news on Tuesday.
“World leader TE Connectivity promotes its presence in Morocco through a project to establish its fourth plant in Tangier” to manufacture sensor and communication systems.in the automotive sector, Elalamy said.
The company inked an agreement for the project on Tuesday. Elalamy signed the deal with senior vice-president of the Automotive activity of TE Connectivity, Matthias Lechner.
Under the agreement, TE Connectivity will invest MAD 147,25 million in establishing the factory, which will offer 500 direct job opportunities, he outlined.
The project is part of Morocco’s strategy to develop the automotive sector.
In 2019, the Ministry of Industry announced that the automotive industry recorded the strongest job creation in Morocco.
Between 2014 and 2014, total industries across Morocco, including the automotive and aeronautics sectors, created 405,496 jobs, with a total of 49% being held by women.
The automotive industry, alone, created 116,611 jobs in the time period, representing 28.8%of all new jobs.
The 2014 IAP wants to create 500,000 new jobs in various industrial sectors including automotive, agro-industry, textiles, aeronautics, and fishing by 2020.
The ministry said the North African country has reached nearly 81%of its goal set out in the Industrial Acceleration Plan (IAP) to offer new job opportunities through the industry.
The company’s fourth plant in Tangier is in line with its plans to expand presence in Morocco. Last year, the company said it wants to invest and grow in Morocco because it is a “strategic country” in close proximity to markets in Europe and Africa.