Opening of the 4th edition of the Automobile Subcontracting Fair

Mr. Moulay Hafid Elalamy, Minister of Industry, Investment, Trade and the Digital Economy, has inaugurated on 26 April 2017 in Tangier Automative City, the 4th edition of the automobile subcontracting fair, organised by the Moroccan Association for Automotive Industry and Trade (AMICA).

This exhibition aims to create a local pool of sourcing/services and highlight the undeniable assets and achievements of an industry that has become, over the years, a major lever for improvement and industrial acceleration of the Kingdom.

On this occasion, Moulay Hafid Elalamy, the President of AMICA and the CEO of the Société Générale (SG) signed a financing agreement for automotive ecosystems, similar to the agreements signed with Attijari, BCP and BMCE in 2015.

Under this convention, Société Générale proposes a tailored financing offer including operating credit, investment backing via medium and long term loans, equipment and real estate leasing and various types of financing in foreign currency for imports, orders from top-tier manufacturers and equipment suppliers. The bank will also propose cash management solutions thus allowing companies to manage their cash easily and remotely.

Moreover, the bank proposes financing offers and retirement insurance in favour of the employees of the companies belonging to the ecosystems promoted by the AMICA.

“Our ambition in signing this agreement, is to allow the automotive sector to pursue the unique dynamics it demonstrated, through financing offers adapted to automotive ecosystem players", further stressed the Minister.

The automotive industry has experienced indeed a remarkable development under the Industrial Acceleration Plan. The sector is truly committed to a greater local integration while its fabric of national operators is growing and its lines of work are diversifying.

From 2014, when the Industrial Acceleration Plan was launch, to 2016, the turnover for export in the sector increased by 50%, from 40 billion dirhams to 60 billion dirhams.

“We are proud of this success, but we won't stop here”, the Minister said. “We expect, by 2020, a production capacity of one million units, against 650,000 currently, a local integration rate of 80% for the vehicles produced in Morocco and a 10 billion euros annual turnover, along with the creation of 160,000 jobs”.

“With the restructuring of the sector in business ecosystems, the implementation of adapted support mechanisms and funding schemes and the launch of the Renault ecosystem and the Peugeot project, we are heading rapidly towards the achievement of our objectives for the sector”, said the Minister.