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Sunday 21 Jun 2015 - 17:31 Makkah mean time-4-9-1436
(Image from Internet)
Rabat, (IINA) - Morocco and French automaker PSA Peugeot Citroen on Friday signed an agreement to build a new factory aimed at producing up to 200,000 cars annually for the African and Middle East market, Gulf News reported.
The factory involves an investment of €557 million ($632 million) and is the second major agreement between Morocco and a French automaker, following Renault’s 2013 building a factory in Tangiers.
Peugeot Head Carlos Tavares said the deal was part of the larger plan to revive the company’s fortunes and eventually sell a million vehicles in Africa within a decade.
“This region is important and dear to our hearts,” said Tavares. “We decided that PSA is ready to make a committed offensive on the African continent and Middle East.”
He credited Morocco’s infrastructure and the education level of its workforce for the decision to build the factory here.
“The automotive sector is an essential one for Morocco,” said Minister of Industry Moulay Hafid Elalamy. “It was the most dynamic sector for export between 2012 and 2014,” he added.
SM/IINA
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