The Chinese company, Qingdao Sentury Tire, manufacturer of tires for cars and aviation, will settle in Morocco. The objective is to meet the growing demand and to make the kingdom a hub for this sector.
With a total investment of 297 million dollars, this unit will allow the production of 3.6 million high-performance radial tires for cars and light trucks, during the first year of production, reports the Chinese media Caijing. The work is scheduled to last 18 months. Eventually, the plant should increase its annual production capacity to 6 million tires.
According to the Chinese company, Morocco is considered as a “bridgehead” in North Africa of the “New Silk Road”, and, therefore, it is the best place to host such a project. Fifth largest economy in Africa, the kingdom is a hub linking the three major markets of the European Union, the Middle East and Africa, which makes it an important strategic point, specifies the same source.
According to Sentury’s forecast, after the completion of the project, the company’s revenue is expected to be US$210 million with a total profit of US$51.88 million in a normal year.
