Morocco, China sign €350 mn investment agreement for aluminium wheels project
- August 6, 2018
Morocco and Chinese group Citic Dicastal recently signed in Rabat, an investment agreement to carry out an industrial project on the production of aluminium wheels, worth 350 million euros and likely to create 1,200 jobs.
Under this agreement, inked by industry minister Moulay Hafid Elalamy, economy minister Mohamed Boussaid and vice-president of Citic Group Corporation and Chairman of Citic Dicastal Xu Zuo, Citic Dicastal will gain a foothold in Morocco in two phases, first in Kenitra then in Tangiers.
The Group will develop its activities at the Atlantic Free Zone in Kenitra and will start its production late 2019, then strengthen its presence in Morocco through a new plant in Tangier Tech.
This large-scale project will have an annual production capacity of 6 million pieces, 90% of which will be for export, Elalamy said, noting that construction works should take less than 10 months.
For his part, Xu Zuo said that through this project, Dicastal will expand its global coverage and contribute to the industrial development of Morocco and the Chinese-Moroccan economic relations.
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