Chinese Car Manufacturer Cherry Eyes Morocco As African Hub
Channel: TR MEDIA
Date: 2022-01-26

Auto manufacturers are betting on Africa as the next growth frontier seeing the high potential for growth and they’re building a new production hub to power it. In a rare industrialization success story for the continent, some of the largest car makers have been transforming North Africa into the world’s newest car-manufacturing cluster. With the capacity to produce over 700,000 vehicles per year, Morocco's automotive industry is the undisputed king of vehicle manufacturing in North Africa. The country is Africa's 2nd largest automaker trailing South Africa, and first passenger car manufacturer. Foreign investment is encouraged by the Moroccan government. The increasing investment from the leading automakers in Africa is fueled by incentives offered by the government such as removing certain taxes so the tax rate on companies is 0% for the first five years and businesses are given a big break on value-added tax. Morocco has used the combination of low inflation and low-cost labor, generous tax incentives, an improved transportation infrastructure as well as economic and political stability to attract automotive companies. The average monthly wage in Morocco is less than €400, compared with €2,000 in nearby Spain. Inflation has risen at a rate of 1.5% a year for the past decade.

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