Chinese firm Qingdao Sentury Tire will invest nearly USD300 million to set up a production base in Tangier with the goal of manufacturing 12 million tires, after Morocco joined China’s Belt and Road Initiative (BRI) in January last year.
China is the world’s largest tire producer and exporter, accounting for more than half of global output, which is why the creation of such a plant in Morocco is significant to the North African.
Qin Long, chairman of Sentury Tire, stated that the administrative effectiveness of Morocco’s investment promotion department, the talents and caliber of the industrial workers, and the enthusiasm of Moroccans to raise their standard of living were all better than predicted.
“I wish we had known this area earlier, then we might have directly moved the second phase of our Thai factory here,” he explained, as read on Yicai Global.
The Belt and Road Initiative, often known as the New Silk Road, is one of the most enormous infrastructural projects ever created.
Launched in 2013, it was originally designed to connect East Asia and Europe through physical infrastructure. Since then, the project has expanded to Africa, Oceania, and Latin America, greatly expanding China’s economic and political power.
Reports of Qingdao Sentury’s investment first surfaced in August, when Lin Wenlong, the Chinese company’s general manager, signed an agreement with Jaafar Mrhardy, president of Tangier Technology City Development, to purchase approximately 200,000 square meters of land near Africa’s largest container port, confirm the Moroccan partner’s involvement in the facility’s construction and operation.
Sentury has two more plants outside of China, one in Thailand and the other in Spain. The new Morocco facility will be 35 kilometers from Tanger-Med Port, which handles more than half of all goods passing through Moroccan ports.
According to the same media, several businesses are also drawn to Morocco because of its excellent location close to Europe, and for its status as Africa’s gateway.
In the same light, another company, Romantic Leatherware, created a new factory in Morocco following numerous inspections despite the difficulties of language, culture, and social conventions.
Deliveries from Morocco may be made to major customers of Romantic Leatherware in Porto, Portugal, in just three days. Additionally, because both nations are in the same time zone, communication is much more effective
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