Morocco announces $180 mln in automotive wiring systems investments

Car or truck business terminal is pictured at Tanger-Med port in Ksar Sghir close to the coastal town of Tangier, Morocco, June 26, 2019. REUTERS/Youssef Boudlal

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RABAT, March 24 (Reuters) – Morocco signed new investment bargains on Thursday truly worth $180 million with five automotive cable suppliers as it pushes to meet up with the rising desire from electric powered automobile makers, field minister Ryad Mezzour reported.

Less than the promotions, Japan’s Yazaki will set up a new wiring plant well worth $38 million in Tangiers and expand its existing factories in Kenitra and Tangier for $40 million, a organization agent said during the signing ceremony.

Japan’s Sumitomo also mentioned it will grow its electic harness plant in Casablanca in a $15 million financial commitment.

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During the very same occasion, U.S. auto elements maker Lear stated it will set up a plant for electric powered cables in Meknes totalling $20.6 million and a new terminals and connectors plant in Tangier for $28 million.

Germany’s Stahlschmidt claimed it will launch a plant earning cables and locking techniques in Tangier for $11 million.

TE connectivity stated it will set up a connectors moulding and assembly plant truly worth $20.8 million in Tangier.

The automotive ecosystem topped Morocco’s exports for the last seven many years with income totalling $8.6 billion in 2021, up 16% from a 12 months earlier.

Morocco is residence to generation vegetation of French carmakers Renault and PSA. Morocco’s complete motor vehicle exports have been 358,745 cars in 2021, up 18% from 2020.

Morocco options to raise its automobile generation ability to 1 million motor vehicles every year, from 700,000 now, which consists of 40,000 electrical cars, explained Mezzour.

Locally-created pieces now characterize 63% of Morocco-exported vehicles, he reported.

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Reporting by Ahmed Eljechtimi
Editing by Frances Kerry

Our Requirements: The Thomson Reuters Believe in Ideas.

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