Economy & BusinessCar builders leave Algeria and Tunisia for Morocco

Car builders leave Algeria and Tunisia for Morocco

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Morocco enjoys political stability in the Maghreb which favors foreign investment. So much so that large foreign firms have abandoned their activities in Algeria and Tunisia in recent months to settle in Morocco.

Morocco’s political stability attracts foreign investors. Two Asian giants, the Japanese Yazaki and the South Korean Hyundai, are planning to carry out their automotive projects in the kingdom rather than in Tunisia and Algeria as initially planned.

The Tunisian General Labor Union tried in vain to dissuade officials of the Yazaki company, which specializes in the production of automotive spare parts, from transferring to Morocco the two projects supposed to create around 5,000 jobs in Tunisia, the Tunisian press indicates. According to the same source, Japanese society and many other foreign companies prefer to settle in Morocco, which enjoys political stability, unlike Tunisia where the vision suffers from clarity and is not likely to reassure investors.

However, this departure was denied by the Tunisian Ministry of Industry, threatening to file a complaint against all those who spread such rumors. “This is unfounded information,” said the ministry in a press release dated Thursday, October 14, 2021, attaching a letter received from Yazaki which denies the information and in which she expresses her astonishment at these rumors that damage its brand image.

Before the Japanese company that gave up Tunisia, the South Korean company Hyundai Motors announced the shutdown of its activities in Algeria and the transfer of its automotive projects to Morocco, fearing for the future of the sector in Algeria. The South Korean company chose to invest in Morocco for its national skills and its international presence in the automotive industry, losing many job opportunities in the neighboring country.

Likewise, the German company Volkswagen has contacted the Moroccan authorities in order to transfer its activities from Algeria to Morocco which, it should be noted, is on the way to overtaking South Africa and becoming the largest producer. cars in Africa.

The Moroccan Blog
The Moroccan Blog
The Moroccan Blog is an English based newsblog dedicated to Morocco. You can find here all news from Morocco across a variety of topics: Arts & Culture, Economy & Business, Lifestyle, Moroccan Sahara, MRE, Society, Tourism & Travel and more.

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