Germany’s Kromberg & Schubert, a leader in car wiring, has joined a panoply of auto-industry giants who choose to grab the investment opportunities offered by Morocco.
Kromberg & Schubert has set up a factory in Kenitra’s free zone where Peugeot and other car component manufacturers have set up production plants.
“Kromberg & Schubert plant will have a beneficial impact on the economy of the region’s industrial fabric and on job creation,” said the German company’s CEO Hans-Otto Kromberg.
The plant was completed at a total cost of 450 million dirhams and will create 3000 direct jobs.
Morocco has become Africa’s first car maker in 2017 with 376,000 cars, worth 70 billion dirhams. The automotive sector has also topped Morocco’s exports for months.
Between 2014 and 2017, total jobs created in the automotive sector in Morocco rose to 83,845.
Morocco raised its automotive industry target to 1 million vehicle by 2025 in light of the positive results shown by the sector, which is a valuable source of foreign currency for the country and which could generate 200 billion dirhams.