Morocco: AGC Automotive Europe partners with Induver to establish car plant in Kenitra
Friday, 07 October 2016 19:51
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
Live News
-
Nigeria, Nestlé partner to strengthen dairy sector skills
05:35
-
Democratic Republic of Congo Raises $1.25 Billion in Debut Eurobond at Lower Cost Than More Seasoned Neighbors Issuers
04:27
-
Tunisia Expands Labor Migration Strategy as Austria Opens 15,000 Jobs
04:24
-
Schalk Nolte Takes On Global Financial Fraud with Entersekt
04:15
-
Ndaedzo Madume rethinks rental market with tenant deposit financing solution
04:13
-
Cameroon Backs Palm Oil Expansion With New 25,000-Ton Plant
04:10
-
Google Cloud and Liquid C2 Bet on Local Talent to Scale AI in South Africa
21:20
-
Cameroon’s Trade Gap With Gulf Narrows, but Energy Dependence Persists
21:02
-
Cameroon’s Frozen Fish Import Bill Surges as Local Supply Falls Short
20:41
-
Cameroon Steps Up Farm Mechanization With CFA400 Million Subsidy
20:30
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
MTN Ghana completes separation of mobile money into new entity Move aims to boost fintech growth ...
Nigeria, Nestlé sign MoU for dairy training center in Abuja Center to train farmers in breeding, milking, and farm management Initiative aims boost...
The Democratic Republic of Congo priced its first dollar bonds below Angola and Congo-Brazzaville yields, two sovereigns already known to international...
Up to 15,000 tourism jobs in Austria targeted for Tunisian workers Program expands beyond France under broader EU partnerships Initiative seen as...
New Johannesburg center aims to train partners and expand AI capabilities Focus on moving local firms from resellers to solution developers Initiative...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...