Rabat – Morocco is in the top five industrial countries for the Renault Group, according to the company’s CEO Luca De Meo.
Speaking at the “Rendezvous of the automotive industry” event held on Wednesday, August 4, under the theme of “Meeting debate of public-private players in the automotive industry,” De Meo placed great importance on the company’s relationship with Morocco’s automotive industry.
Morocco, “a country with high potential, is now in the Top 5 of industrial countries of Renault and in the Top 15 of global sales of the group,” De Meo specified, adding that “the group is proud to be a key contributor in the development of the Moroccan automotive industry and to have seized this opportunity.”
The CEO revealed that Renault, with its 11,000 employees in Morocco, is the second largest company in the country, in terms of turnover.
De Meo said that the group aims to reach 2.5 billion euros (MAD 26.4 billion) of turnover in local sourcing in Morocco by 2025, eventually hoping to reach a 3 billion euros turnover and 80% integration. As a result of the company’s 60% integration this year, it is preparing to introduce new vehicles manufactured by Renault and Dacia in Morocco as soon as possible.
Speaking at the same event, Morocco’s Minister of Industry, Trade and the Green and Digital Economy, Moulay Hafid Elalamy, said that the country has reached an annual production capacity of 700,000 vehicles due to its 250 local equipment manufacturers. Morocco’s surging automotive industry has generated more than 160,000 jobs, which exceeds the Industrial Acceleration Plan 2014-2019 forecasts by more than 180%.
Morocco’s automobile exports generated a turnover of over $8.9 billion (MAD 80 billion) in 2019 and $8.1 billion (MAD 72 billion) in 2020, reaching an added value of $3.5 billion (MAD 31.7 billion).
“It’s colossal! To give you an idea, it is one and a half times the added value of OCP… It is the sum of tireless work that has made our automotive sector a spearhead of the Moroccan economy,” the minister said.
