Latest news with #YahuaGroup
Morocco World
6 days ago
- Automotive
- Morocco World
LG, Yahua Group to Invest MAD 5.5 Billion in Lithium Refining Plant in Morocco
Rabat – Karim Zidane, Minister Delegate in charge of Investment, announced on Wednesday a joint Korean-Chinese investment of over MAD 5.5 billion ($612.32 million) in the first phase of the establishment of a lithium refining plant in Morocco. Writing on X, the Moroccan minister said he 'had the pleasure' to welcome delegations from Korea's LG Solution and China's Yahua Group, who are leading an investment aimed at establishing a lithium refining facility in Morocco. He said the project 'will strengthen Morocco's position as a regional hub in the electric battery value chain and foster the development of an innovative industrial cluster around lithium.' The first phase of the project represents an investment of over MAD 5.5 billion to create over 430 high-value-added direct jobs. The project comes as Morocco increasingly expresses interest in the lithium sector in line with the country's ambition to boost its industrial development. As lithium is an essential component in electric car production, the project reflects the country's approach to positioning itself as a competitive player in the global green economy. In June, COBCO announced the inauguration of the first lithium-ion material manufacturing unit in Jorf Lasfar, with a capacity of 40,000 tonnes This project came as Morocco emphasized its ambition to increase its electric vehicle production capacity by 53%. Also in June, as Morocco's global automotive production stood at 700,000 vehicles, Minister of Industry Ryad Mezzour stressed that the country's goal is to increase production to reach 107,000 electric vehicles by the end of 2025. He concluded that Morocco aims to produce one million vehicles by the end of the year. Tags: Automotive Exportslithium
Morocco World
14-02-2025
- Automotive
- Morocco World
Ambassador: Morocco Becoming Strategic Hub for Chinese Investment
Doha – Morocco's Ambassador to China, Abdelkader El Ansari, has detailed the country's expanding role as a strategic hub for Chinese investors seeking access to European, American, and African markets, particularly in the flourishing electric vehicle (EV) sector. In a wide-ranging interview with Chinese economic daily Caixin, El Ansari accentuated Morocco's integrated industrial ecosystem and modern infrastructure. 'Morocco possesses an integrated industrial ecosystem that facilitates the installation of new companies,' he emphasized, highlighting the country's strategic advantages for foreign investment. El Ansari spotlighted the Tanger Med port's capabilities, asserting that 'vehicles produced locally can reach Europe in less than a day, the United States in a week, and several African countries in just a few days.' The ambassador outlined Morocco's development trajectory, declaring: 'In 20 to 25 years, Morocco has built an environment conducive to investment through tax incentives, modern infrastructure, and trade openness.' He pointed out the kingdom's 56 free trade agreements with various countries and regions, facilitating access to international markets. Addressing the automotive sector's growth, El Ansari revealed that 'more than 250 international companies are integrated into Morocco's automotive supply chain, bringing annual production to nearly 900,000 vehicles, of which 85% are exported to 75 countries. This dynamic places Morocco as the leading producer of passenger cars in Africa.' Recent Chinese investments in Morocco's EV sector have been substantial. According to El Ansari, major Chinese companies including Yahua Group, Huayou Cobalt, and Gotion High-Tech announced factory projects between 2023 and 2024, representing a cumulative investment of over 33 billion yuan (approximately $4.6 billion). Chinese presidential visit and EV industry development The strengthening Morocco-China relationship was further crystallized by Chinese President Xi Jinping's visit to Morocco in November 2024. Crown Prince Moulay El Hassan welcomed President Xi at Mohammed V International Airport in Casablanca, where the Chinese leader participated in traditional welcome ceremonies and convened with key officials including Head of Government Aziz Akhannouch. The visit lined up perfectly with some game-changing moves in Morocco's EV scene. Gotion High-Tech committed $1.3 billion to construct Africa's first EV battery 'gigafactory' near Rabat, while BTR New Material Group and Shinzoom invested $300 million and $690 million respectively in battery component manufacturing. Experts cited in a South China Morning Post report illuminated Morocco's strategic advantages. David Shinn from George Washington University and François Conradie from Oxford Economics Africa cataloged key factors driving Chinese investment. They pinpointed Morocco's proximity to European markets, reserves of key battery materials like lithium and phosphate, and green energy production capabilities as major attractions for investors. However, Chatham House Associate Fellow Ahmed Aboudouh cautioned that 'Morocco's role as a workaround for Chinese EV companies may put it at the heart of great-power competition.' This comes as the EU has approved tariffs of up to 35.3% on Chinese EV imports, while the US has increased tariffs from 25% to 100%. The bilateral relationship continues to flourish, with El Ansari noting that trade exchanges between the two nations surged by 13.9% in 2023, while Chinese direct investments in Morocco advanced by 20.2%. He also heralded the resumption of direct Beijing-Casablanca flights in January, reducing travel time to less than 14 hours, which he anticipates will further catalyze Sino-Moroccan economic and human exchanges.
