China investing heavily in Morocco
China is becoming a big investor in the Morocco economy thanks to a stable business environment and big incentives.
The Tangier-Tetouan-Al Hoceima is preparing for big changes in the coming years. An industrial city project on 1,000 hectares, then 2,000 hectares for the second phase, launched by the Chinese group Haite should employ up to 300 000 workers. The Middle Kingdom is planning to develop industrial and commercial activities in several sectors such as textiles, automotive and aerospace.
“Through its new business model, which aims to support domestic demand through wage increases, China is losing its economic appeal and is thus forced to strengthen its competitiveness with other countries, particularly those emerging “said the Moroccan Minister of Industry, trade, investment and the digital economy, Moulay Hafid Elalamy.
Chinese investment is valued at $ 10 billion for this project. It should allow many Chinese companies to settle in Morocco to produce and sell internationally, particularly in Africa.
Last month, during the China visit of King Mohammed VI, Morocco has signed 15 agreements PPP as part of a “strategic partnership” to offer China a basic development in the direction of Africa. On this occasion the Haite group agreed with Morocco-China International and BMCE Bank of Africa, to the establishment of a Sino-Moroccan investment fund with a target size of $ 10 billion. The Chinese central bank also signed a currency swap agreement worth $ 1.54 billion with its Moroccan counterpart.
Li Biao, president of Haite group praised the wise vision of King Mohammed VI to make this strategic project possible and strengthen economic cooperation between the Kingdom and China, noting that the industrial and residential park is expected to create several job positions, to encourage the transfer of high technologies, and promote growth and economic competitiveness of the Kingdom in general and of the Tangier-Tetouan, Al Hoceima region in particular.