Morocco's Ambitious Plans for Electric Train and Car Battery Industry
Morocco is poised to make significant strides in the transportation sector with plans to establish a local electric train and car battery industry. This initiative was announced by Moroccan Minister of Industry and Trade, Ryad Mezzour, during the Railway Industry conference held in Casablanca. The country aims to develop an integrated system for electric vehicle batteries while simultaneously building a robust train manufacturing sector.
Investment and Infrastructure Development
The Moroccan government has committed to investing 87 billion dirhams (approximately $8.7 billion) in the railway sector over the coming years. Transport Minister Abdel Samad Qayouh revealed plans to construct a factory dedicated to producing train cars, highlighting the Kingdom's dynamic progress in various industrial sectors, particularly railways. In a significant move last November, Morocco signed an agreement with the European-Chinese group Goushen Hi-Tech to establish a factory for electric car batteries, with an investment of $1.28 billion expected to create around 17,000 jobs.
Financial Support from International Institutions
The African Development Bank (AfDB) has expressed strong support for Morocco's railway initiatives, with President Akinwumi Adesina announcing that financing offers have exceeded $13 billion. This financial backing is part of a broader effort by the AfDB to fund major development projects across Africa, which have collectively raised $29.2 billion for various sectors, including transport and infrastructure. Morocco's rapid growth in the automotive industry, producing 700,000 vehicles annually, positions it as Africa's leading car manufacturer and the Arab capital for car parts assembly.
