Shenzhen Kaizhong Precision Technology, a Chinese company specializing in manufacturing automotive parts, announced on Saturday plans to establish a subsidiary in Morocco, according to converging reports.
The company’s subsidiary would meet rising demand from clients in Europe and Africa.
Kaizhong has earmarked up to MAD 55 million (USD 5.5 million) for the project. The funding will roll out in stages, contingent on approvals from regulatory authorities in both China and Morocco, as well as the specific needs of the new entity.
The initial phase of investment will cover the subsidiary’s creation, land acquisition, and construction and outfitting of facilities.
Kaizhong’s decision to expand into Morocco is part of a growing trend among Chinese companies. In recent years, Morocco become a top destination for foreign investors seeking access to European and African markets.