Tanger Tech Forges Ahead: Securing $910 Million Chinese Investment Deals

Wednesday 15 May 2024 - 17:50

In a significant stride toward bolstering Morocco's automotive industry, agreements have been signed for the establishment of two major industrial projects at the Mohammed VI Tangier Tech City. These projects are operated by global leaders in the automotive battery industry: the HAILIANG Group and SHINZOOM Corporation. The accords were signed on Tuesday at the headquarters of Bank Of Africa in Casablanca.

The agreements, signed by the President of the Tangier Tech Development Company (SATT), Othman Benjelloun, in the presence of the President of the Tanger Med Group, Fouad Brini, the President of the Tangier-Tetouan-Al Hoceima Regional Council, Omar Moro, as well as the President of HAILIANG, Cao Jiangu, and the President of SHINZOOM, Pi Tao, along with their respective top management teams, represent a total investment of $910 million in 2024, according to a statement from SATT.

SATT notes that "these agreements mark a major turning point in Morocco's automotive ecosystem, with the Kingdom welcoming its first industrial copper operator through the HAILIANG Group and its first anode operator, SHINZOOM Corporation." The statement further highlights that "these ambitious new projects confirm the positioning of the Mohammed VI Tangier Tech City as a hub of excellence and opportunity for international industrial companies operating in competitive and globalized sectors, in line with the far-sighted vision of His Majesty King Mohammed VI."

HAILIANG's project in Morocco spans a land area of 30 hectares and involves an investment of $450 million from 2024, creating 1,800 jobs. Based in Zhuji, Zhejiang Province, China, HAILIANG is a global industrial leader, particularly in the production of copper automotive parts such as pipes, bars, and pipe fittings. Founded in 1989, the company generated revenue of $30 billion in 2022, ranking 459th in the Fortune Global 500 for the same year. With 22 production sites worldwide, including in the United States and Europe, HAILIANG has established strong partnerships with renowned companies such as Sunwoda.

As for SHINZOOM's project, it covers an area of 20 hectares and involves an investment of $460 million from 2024, creating 2,000 jobs. SHINZOOM, a subsidiary of Hunan Zhongke Electric Co., Ltd, epitomizes excellence and innovation in the production of anodes for lithium-ion batteries.

Founded in 2001 and based in Changshan, Hunan Province, SHINZOOM has established itself as the third-largest Chinese anode producer, generating revenue of approximately $1 billion in 2023. The rapidly growing company operates through six plants in China, two of which are in partnership with industry leaders such as BYD.

It is worth noting that the Tangier Tech Development Company operates, develops, and manages a new integrated and intelligent industrial and residential city spanning an area of 2,167 hectares in the Tangier region. Since its official launch in February 2023, the city has already welcomed around ten operators.

SATT is the result of a partnership between three leading national entities: BANK OF AFRICA, Tanger Med Special Agency (TMSA), and the Tangier-Tetouan-Al Hoceima Regional Council, in association with the Chinese company, China Communications Construction Company (CCCC), the leading public construction and infrastructure group in China.

SATT is committed to continuing the development of the unprecedented Mohammed VI Tangier Tech City project, with the support of its President, management, and partners.