The automotive sector is enriched by a new trade: Hands, the Korean firm, has launches the construction works for its aluminum wheel production plant in Tangier An investment of 4.33 billion dirhams And 1,300 jobs to be created
The Korean equipment manufacturer, Hands, launched on Tuesday, April 10th, the construction works for its new plant in Tangier, specializing in the production of aluminum wheels. The ceremony took place in the presence of MM. Moulay Hafid Elalamy, Minister of Industry, Investment, Trade and Digital Economy, Seung Hyun Chang, President of Hands Corporation and Fouad Brini, Chairman of the Supervisory Board of TMSA.
The production unit requires an investment of 4.33 billion dirhams and will create 1,300 jobs. Located in Tangier Automotive City, over an area of 23 ha, the Hands factory will produce aluminum wheels with a capacity of 8 million units per year, mainly for export.
"A major player in the manufacture of aluminum rims is launching a pioneering activity in Morocco," said Moulay Hafid Elalamy adding, "Hands introduces new production processes with high added value and thus operates a thorough integration of the automotive value chain".
The Group has 6 production plants with a capacity of 13.5 million units per year and R&D centers in Korea and China. The firm supplies major car manufacturers including Hyundai Motors, Renault, Ford and Volkswagen and in 2016, it generated a turnover of 542 million euros, thanks to its 2,360 employees.
It should be recalled that the Hands project comes amongst the 29 investment projects launched last December in the automotive sector, under the effective presidency of His Majesty King Mohamed VI, may God assist him. With a total investment of 13.78 billion dirhams, these investments create 11,568 new direct jobs in the sector.
The automobile industry, which is increasing in size and complexity while focusing on new technologies and high added value activities is the largest exporting sector in the Kingdom with 70 billion dirhams of export turnover in 2017 (44,5% of industrial exports) and employs 130,000 people.