Morocco has signed an amendment to an agreement with the Dutch automotive manufacturing company Stellantis Group after six years.
The parties had signed a partnership in June 2015 to reinforce collaboration in the country’s automotive industry.
Morocco World News reported that the move aims to strengthen the parties’ commitment to developing the Morocco’s automotive sector.
The newly amended agreement was signed on Sept. 3 in Casablanca, Morocco’s capital.
Multimillionaire Moulay Hafid Elalamy signed the agreement on behalf of the government, while Stellantis Middle East and Africa COO Samir Cherfan signed on behalf of the company.
Elalamy is a Moroccan businessman and politician. He is the founder and owner of Saham Group, a pan-African group with interests in the insurance, customer relationship, healthcare and real estate sectors in Africa and the Middle East.
He currently serves as Morocco’s minister of industry, trade and new technologies.
The partnership, which aims to create 3,000 jobs for high-level engineers and technicians by 2022, hopes to boost the volume of electric car sales from €2.5 billion ($2.97 billion) to €3 billion ($3.57 billion) by 2025.
It further plans to achieve this by launching a new 100-percent electric car, enhancing the capabilities of local suppliers, and boosting the volume of purchases in Morocco.
Stellantis N.V. is a Dutch-domiciled multinational automotive manufacturing corporation formed in 2021 based on a 50-50 cross-border merger between the Italian-U.S. conglomerate Fiat Chrysler Automobiles and the French PSA Group, headquartered in Amsterdam, Netherlands.
As of May 2021, Stellantis is ranked globally as the sixth-largest automaker. It claims to be on a mission to provide freedom of movement for all through distinctive, appealing, affordable and sustainable mobility solutions.
Stellantis lists on Milan’s Borsa Italiana, and on Euronext Paris and the New York Stock Exchange with the ticker symbol, “STLA.”