Tangier's Tech City Attracts Major Industrial Players with $910 Million Investments

Wednesday 15 May 2024 - 14:10

In a significant step towards enhancing Morocco's industrial capabilities, two major international companies have signed agreements to establish manufacturing facilities in the Mohammed VI Tanger Tech City. These projects, collectively valued at $910 million, are set to create over 3,000 job opportunities, cementing the nation's status as an emerging industrial force.

The agreements were formally signed on Tuesday by Othman Benjelloun, President of the Tanger Tech Development Company (SATT), in the presence of distinguished dignitaries, including Fouad Brini, President of the Tanger Med Group, Omar Moro, President of the Tanger-Tetouan-Al Hoceima Regional Council, as well as Cao Jiangu, President of Hailiang, and Pi Tao, President of Shinzoom.

In a press release, SATT hailed these agreements as a "significant milestone in the Moroccan automotive ecosystem," welcoming the arrival of the first industrial copper operator, Hailiang Group, and the first anode operator, Shinzoom Company. The company emphasized the importance of these projects, positioning the Mohammed VI Tanger Tech City as a hub of excellence and opportunities for international industrial companies in competitive and globalized sectors, in alignment with King Mohammed VI's visionary plans.

The first project, led by Hailiang, a Chinese automotive copper parts manufacturer, will cover 30 hectares with a $450 million investment starting in 2024. The company, based in Zhuji, Zhejiang province, aims to create 1,800 job opportunities, specializing in the production of automotive copper components such as pipes, bars, and pipe fittings.

The second project, spearheaded by Shinzoom, a prominent lithium battery anode producer, will span 20 hectares with a significant investment of $490 million. Set to begin this year, the project aims to generate 2,000 jobs. Shinzoom, a company with revenues of $1 billion, specializes in producing anodes for lithium batteries, a crucial component for the growing electric vehicle industry.

SATT, a collaboration between Bank of Africa, Tanger Med Special Agency, and the Regional Council of Tanger-Tetouan-Al Hoceima, along with the China Communications Construction Company, is tasked with developing the innovative Mohammed VI Tanger Tech City project.

Launched in 2017 by King Mohammed VI, the "smart city" initiative aims to host industrial companies and create a sustainable, integrated, and intelligent industrial ecosystem, further enhancing Morocco's attractiveness and competitiveness on the global stage.

Morocco's strategic investments in industrial sectors, particularly automotive and aeronautics, have been pivotal in attracting global players. The country's geostrategic location, serving as a gateway to Africa and Europe, has undoubtedly played a crucial role, positioning Morocco as an appealing destination for industrial investments worldwide.