Morocco is set to invest €50 million to establish a plant to produce local car brands.
The factory will be made with a 100% Moroccan investment, Morocco’s Minister of Trade and Industry Ryad Mezzour said in a recent interview.
Through the plant, Morocco is set to produce approximately 3,000 cars per year. The number is set to reach 20,000 units within four years.
The project is part of Morocco’s approach to boost the automotive sector. The industry has been one of the pillars that contribute to the country’s economy.
Recently, Mezzour said that the local brand has passed “all the tests successfully.” However, the Moroccan minister rejected to disclose information on the brand’s name. He stressed that the price of the new car will be offered at competitive prices estimated at $16,200.
In an interview with Moroccan news outlet Le360, Mezzour said that the brand is in the process of being approved by the competent authorities, emphasizing that the country should be proud of its achievements in car manufacturing.
Mezzour said that the milestone project will have a Moroccan name, noting that the ministry of industry is working alongside Moroccan investors to increase the “integration rate so that the parts are also mainly Moroccan.”
Morocco aims to commercialize the cars in the local market. “But we are confident and we will support and do the best we can so that this operator has an international dimension,” he said.
Mezzour also acknowledged that the automotive sector is facing challenges, including the difficulty to attract a third manufacturer in morocco amid times of global economic crises.
“The European market is the main market to which we sell our vehicles. This, as well as the global automotive market, is in decline,” he said.
SOURCE: Morocco news