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ROCKVILLE, Md., April 11, 2016 /Standard Newswire/ -- French carmaker Renault and component suppliers will invest $1.04 billion in Morocco to build an "industry ecosystem " announced Moroccan Minister of Industry Moulay Hafid Elalamy after a deal signed on Friday, April 8th 2016 in the presence of HM King Mohammed VI.
Referring to this agreement, Renault Chairman for Africa-Middle East-India Region Bernard Cambier said that, through the "Renault Ecosystem" project, the French group intends to boost its industrial and commercial presence in the Kingdom.
He also hailed the leadership of HM King Mohammed VI in promoting education and training especially in the automobile sector via the creation, for example, of institutes for training on automobile-related jobs.
The "Made in Morocco " we do currently in the Renault plant in Morocco is of high quality and the best quality of all our plants in the world, added Cambier.
The region "Africa, Middle east and India "is the first Renault to market outside Europe with 360,000 units and sales of the French manufacturer are increased by 16.9% in 2015, with good scores in Morocco (+ 11.5% ) and Algeria (+ 8.7%), according to figures released in January.
Unlike many countries in the region, Morocco has managed to avoid a big drop in foreign investments in the wake of the global financial crisis and the Arab Spring uprisings of 2011, partly by marketing itself as an export base for Europe, the Middle East and Africa.
