The European Investment Bank (EIB) and the Moroccan Association for Automobile Industry and Construction (Amica) have formalized a strategic partnership.
This is the signature of the declaration of intention binding the two parties that took place on April 24 in Casablanca, on the sidelines of a reception dedicated to private companies, organized by the EIB and the Delegation of the European Union in Morocco, on the occasion of the Europe Day. The declaration of intent aims to “boost” cooperation with the private sector and the institutions.
The challenge is to develop projects and encourage the creation of joint ventures. Clarification: the agreement should not be equated with an investment agreement or preferential credits. But rather an act that “reaffirms” European commitment. Concretely, the professional association is committed to “encouraging networking, making matchmaking between Moroccan and European operators and creating animation around, ultimately to ensure a transfer of know-how to Morocco” , explain the leaders of Amica.
And to add: “We also aim to fill a number of commodities currently absent at the level of the Moroccan automobile platform. To this end, we are in the process of dissecting commodities to the raw material and finding solutions to complete the framework of the platform”.
For its part, the bank will provide industry professionals with its support, financing and technical assistance instruments, such as Jobelsa Automotive, a joint venture between the Spanish equipment manufacturer Jobelsa and Dolidol, a subsidiary of the Palmeraie Industries & Services holding company.
Or the AGC Automotive-Induver Morocco joint venture, in the production of tempered glass for rear and side windows as well as laminated glass for windshields. The JV has benefited from a EUR 56 million loan from the EIB. “The support we provide aims to support integration into the value chains of international ecosystems, accelerate the structural transformation of the economy, foster emergence and meetings between SMEs and support the transition to a green economy”, supports Claudia Wiedey, EU ambassador to Morocco.
The positioning of Morocco as a platform for the production and export of equipment and motor vehicles is supported by the establishment of renowned foreign groups such as Renault, Snop, Gmd, Bamesa, Delphi, Yazaki, Sews, Saint-Gobain and more recently PSA Peugeot Citroën, whose startup is imminent.
However, there are still areas of progress in terms of local integration. The Ministry of Industry and Trade announces a rate of 50.5%. The sector will ultimately reach 85% integration rate with PSA, including 20% in the engine, thanks to the production of the Kenitra plant.