King Mohammed VI signed on Monday in Casablanca five documents relating to these 26 investments in the sector of the automobile industry. This launching came as the sovereign signed another agreement with the chairman of China's BYD, on of the biggest companies in the field. The Chinese manufacturer is joining the two French companies already operating in the north of the Kingdom which is set to be an African hub for the flourishing industry. King Mohammed VI chaired on Monday at Casablanca's Royal Palace the launching ceremony of 26 industrial investments in the automotive sector with a total budget of 13.78 billion dirhams. During this ceremony, the Minister of industry, investment, trade and digital economy, Moulay Hafid Elalamy, said that «the Industrial Acceleration Plan and the ecosystem approach are real levers for the industrial acceleration», noting that the 26 investments launched in the automotive industry are introducing new specialties in Morocco and reinforcing local integration. Indeed, these investments will create 11,568 direct jobs, Elalamy pointed out, adding that the launch of these investments will enable the production of aluminum wheels, dashboards, bumpers, seats and electromechanical boxes. Of the 26 investments, six projects are part of the implementation of the Renault Ecosystem, which is developing a global supply platform in the Kingdom. Thanks to this large-scale ecosystem, the manufacturer is currently supplying machined parts worth one billion Euros a year from Morocco and achieves a local integration rate of 55%. Thirteen investments will be made within the framework of the PSA Peugeot Ecosystem, which is giving a fresh boost to the sector as a whole and helping to create an industrial pole of excellence in Kenitra. Five other investments are part of the Ecosystem «Wiring and Connection», launched in October 2014, while two investments will be launched within the framework of the Valeo Ecosystem. These ecosystems enabled the creation of more than 80,597 jobs, i.e. 90% of the target by 2020. In 2016, they generated an export turnover of 60 billion dirhams, an increase of 50% compared to 2014. On this occasion, King Mohammed VI chaired the signing ceremony of five documents relating to these 26 investments in the sector of the automobile industry. BYD plant in Tangier The automotive sector in the kingdom is indeed witnessing a boost lately. On Saturday, 9th of December, King Mohammed VI and Wang Chuanfu, chairman of BYD, signed a memorandum of understanding for the construction of a car plant near Tangier at the royal palace in Casablanca. The Chinese company expected to join the two other carmakers in the country namely Renault and Peugeot is set to produce electric cars, buses and trucks at a 50-hectare site employing 2,500 people. BYD Co Ltd, headquartered in Shenzen is backed by the American tycoon, Warren Buffet who is willing to create a North African Silicon Valley, inspired by the American city known for attracting big IT companies. Founded in 1995 the Chinese manufacturer of automobiles is considered as one of the biggest producers in the world of rechargeable batteries, computer components, electric cars, buses, lorries, forklifts and monorails employing nearly 220,000 people in 30 industrial parks mainly in China but also around the world. Beside North Africa, the company is also present in the United States of America and Latin America. In 2010 BYD topped the 2010 Bloomberg Businessweek Tech 100 list, as one of the large and fast-growing tech companies. «You can see our new energy vehicles in over 200 cities across more than 50 countries», said Liang Weizhuo, manager of BYD Shanwei factory in a video on the company adding that they have «entered the vehicle market in 2003». Now the company is planning to start production by next year as Morocco is intending to welcome a fourth major automating plant by the end of 2021 with the objective of producing one million vehicles a year by 2025.
