Morocco places high hopes on auto industry
07 Apr 2016
(MENAFN) Morocco eagerly anticipates auto industry outbound shipments to touch a yearly USD10.2 billion by 2020, thus boosting the total industrial component of gross domestic product (GDP) to 20 percent.
This increase will be a direct result of the PSA Peugeot Citroen starting production at its new 200,000-vehicle capacity USD630 million plant, following up rival Renault which has two factories in the kingdom.
Morocco managed to avoid a big drop in foreign direct investments in the wake of the global financial crisis and the Arab Spring uprisings of 2011; of course this was unlike many nations in the region.
“It will go even farther. We will exceed the 100 billion dirhams only in auto exports by 2020, and it is not excluded that Morocco will attract other car and truck makers,” said Morocco’s Industry Minister.