News Agencies Feed :

    Automotive Industry: Faurecia expands presence in Morocco with 4th plant

    28 Dec 2022

    The French automotive tech company Faurecia, one of the world’s leading automotive suppliers, is set to open its fourth factory in Morocco, expanding thus its presence in the Kingdom.

    A memorandum of understanding relating to the creation of the new plant which will produce textile and leather covers for automotive seats, was signed last week in Casablanca, by Minister of Industry and Trade, Ryad Mezzour, and Director General of Faurecia operations in Morocco and Tunisia, Taoufik Laamiri.

    Under the MoU, Faurecia, a company of the Forvia group, will invest more than 150 million dirhams ($15 million) to launch the new plant in Salé, Rabat’s twin city, to consolidate its position in the automotive ecosystem, said the two sides in a statement. The factory, Faurecia’s second in Sale, will create 1,400 direct jobs by 2028.

    This project is part of Morocco’ strategy to make of productive investment a key lever for job creation, the revival of the national economy and acceleration of the anchoring of Morocco in promising sectors.

    In remarks at the MoU signing ceremony, Mezzour said that this new investment in the automotive industry confirms both the country’s “attractiveness” and the “trust” it enjoys among the actors of the ecosystem.

    “This new commitment of a world leader attests to the sustained investment dynamics that our platform is experiencing and its great competitiveness,” added the Minister.

    Faurecia has been present in Morocco since 2008, with three production units including two in Kenitra and one in Sale.

    The company of the group Forvia was named in 2018 the 9th largest international automotive parts manufacturer in the world and the first for vehicle interiors and emission control technology.

    The automotive sector is one of the key pillars of Morocco’s growing economy. Morocco’s High Commission for Planning (HCP), reported that the industry created over 200,000 jobs in 2021.

    northafricapost

    Stock Market

    Index

    Value

    Change

    Open

    MADEX

    9 209,87

    0,82 %

    9 135,23

    MASI

    11 329,76

    0,81 %

    11 238,86

    FTSE CSE

    10 269,41

    0,50 %

    10 218,62

    Contact US | © 2020 All Rights Reserved