SOUTH KOREA FIRM OPEN NEW INDUSTRIAL PLANT IN MOROCCO

Morocco continues to attract international actors in the automotive industry, with South Korean manufacturer SJM Flex opening a new industrial plant in Tanger Automotive City on Thursday.

Officials from SJM and the Tanger Med Group attended the inauguration of the plant, which covers an area of 4,800 square meters.

The plant is set to hire 250 people and increase the rate of local integration.

SJM Flex has invested MAD 90 million ($9 million) in the new industrial units, according to the company’s director Ahmed Aoulad Dfouf. As part of the first phase, the plant will hire 60 people.

The number will gradually increase by 2025 as part of the group’s desire to continue its investment to boost the electric car industry.

Ahmed Bennis, the general manager of Tanger Med Zones, also expressed satisfaction with the opening, noting that the Korean group made the “right decision” by investing in the industrial platform of Tanger Med.

Offering competitive advantages, the platform hosts over 1,200 companies, with many taking advantage of the proximity to the Tanger Med Port.  

Bennis emphasized that the port is connected to over 180 international ports.

The automotive sector is one of the key pillars of Morocco’s economy, constituting one of the country’s biggest exports.

The North African country has been revamping its policies to better enhance its competitiveness worldwide.

Statistics from the Office d’Echange (OE) said last week that exports from Morocco’s automotive industry reached MAD 33.9 billion ($3.4 million) in the first three months of 2023, marking an impressive 44% year-on-year increase.  

SOURCE: MoroccoWorldNews