Rabat – Karim Zidane, Minister Delegate in charge of Investment, announced on Wednesday a joint Korean-Chinese investment of over MAD 5.5 billion ($612.32 million) in the first phase of the establishment of a lithium refining plant in Morocco.
Writing on X, the Moroccan minister said he “had the pleasure” to welcome delegations from Korea’s LG Solution and China’s Yahua Group, who are leading an investment aimed at establishing a lithium refining facility in Morocco.
He said the project “will strengthen Morocco’s position as a regional hub in the electric battery value chain and foster the development of an innovative industrial cluster around lithium.”
The first phase of the project represents an investment of over MAD 5.5 billion to create over 430 high-value-added direct jobs.
The project comes as Morocco increasingly expresses interest in the lithium sector in line with the country’s ambition to boost its industrial development.
As lithium is an essential component in electric car production, the project reflects the country’s approach to positioning itself as a competitive player in the global green economy.
In June, COBCO announced the inauguration of the first lithium-ion material manufacturing unit in Jorf Lasfar, with a capacity of 40,000 tonnes
This project came as Morocco emphasized its ambition to increase its electric vehicle production capacity by 53%.
Also in June, as Morocco’s global automotive production stood at 700,000 vehicles, Minister of Industry Ryad Mezzour stressed that the country’s goal is to increase production to reach 107,000 electric vehicles by the end of 2025. He concluded that Morocco aims to produce one million vehicles by the end of the year.
