Moroccan businessman and politician Moulay Elalamy has led Morocco to sign a multibillion-dollar auto sector expansion deal with the French-based car manufacturer, Renault Group.
In a statement, Elalamy, who serves as the country’s minister of industry, commerce, and new technologies, said the latest deal will improve the “development of the Renault system in Morocco.”
The 61-year-old businessman is the founder and owner of Saham Group, a pan-African investment company that operates a variety of businesses out of Morocco.
The latest deal was signed by the minister and Renault CEO Luca de Meo.
The agreement will see the French multinational integrate its “electric mobility technologies” into Morocco’s care manufacturing ecosystem, Morocco World News reported. Meanwhile, the group has also agreed to purchase more than $3.5 billion worth of cars and car parts from Moroccan auto factories.
Renault Group is a multinational automobile manufacturer that produces a diverse range of cars and vans. The group was founded 123 years ago in 1898.
In the past, the group had manufactured trucks, tractors, tanks, buses and coaches, aircraft and aircraft engines and autorail vehicles.
It operates its main Moroccan plants around the cities of Casablanca and Tangier.
The Renault plant in Tangier is an eco-friendly plant opened in 2012 as a partnership between Morocco, Renault and the French transnational Veolia Environnement, which focuses on water management, waste management and energy services.
The Tangier industrial site has fundamentally changed the global automotive industry space by being both zero carbon and zero industrial liquid emissions.
On July 10, 2017, the plant celebrated the production of its millionth vehicle.
