Morocco has been able to draw in big investments from international automakers, resulting in a boom for local industry and exports:
Morocco expects auto industry exports to reach an annual 100 billion dirhams ($10.2 billion) by 2020 as a result of PSA Peugeot Citroen starting production at its new 557 million euro ($630 million) factory.
It will lift the overall industrial component of gross domestic product (GDP) to 20 percent, Morocco’s industry minister Moulay Hafid Elalamy told Reuters in an interview, adding that the plant will mean others may come to produce too.
Unlike many countries in the region, 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, partly by marketing itself as an export base for Europe, the Middle East and Africa.
It has attracted a number of big auto and aerospace investors in recent years, including Delphi, Bombardier and Eaton Corp.
Peugeot unveiled its plan last June to build the 200,000-vehicle capacity plant, following up rival Renault which has two factories making fully assembled cars in the kingdom…[FULL STORY]