Moroccan ministry has hired French and Spanish companies
The Moroccan Ministry of Industry, Trade and New Technologies is expected to invest 600 million dirhams ($75 million) to revive the country flailing automotive industry.
Insider sources have told Arabstoday that the ministry would sign contracts with companies to work on eight new projects expected to create up to 5700 jobs.
The automotive investment is being aided by the Hassan II Fund for Economic and Social Development, a government initiative which would create jobs in the production of car wires, air conditioning systems, automotive lighting, electrical insulation, and interior designing.
The department is expected to give Delhi-Packard Qunaitra and Lear Automotive Morocco 226.4m dirhams ($28.3m) to produce automotive wires, with the two companies expected to create 2000 jobs. A third project will be undertaken by Fujikura Qunaitra, with funding of up to 158m dirhams ($20m).
Air conditioning systems will be produced by Denso Thermal Morocco, whilst French group Value Vision Morocco will be responsible for automotive lighting.
Spanish company Jobelsa has been handed a 8.9m-dirham ($8.6m) grant to develop car interiors, whilst Moroccan firm Shalimar has accepted funds of 18.3m dirhams ($2.3m) to work on electrical vehicle insulation.