(Ecofin Agency) - On Oct. 6, 2016, Morocco’s minister of industry, trade, investment and digital economy, Moulay Hafid Elalamy,chairman of AGC Automotive Europe, and president of Induver, Hakim Abdelmoumen, signed in Casablanca a memorandum of understanding for 1.183 billion dirham to build an industrial unit in Kenitra.

The joint-venture named “AGC Automotive Induver Morocco” will generate 650 jobs and export revenues of about a billion dirham each year. The plant will manufacture tempered glass for cars’ backlites and side lites in addition to laminated glass for windshield.

Moreover, car glass maker AGC Automotive Europe said it would buy a 45% stake in Induver in order for the Moroccan holding to access the European market and benefit from the know-how of the Japanese firm.

AGC Automotive Europe is the European branch of Japanese group Asahi Glass, which makes and sells automotive glass products. As for Induver, it is a Moroccan firm which also makes car glasses.

Alain Okpeitcha