Corporations mainly from the West are already present in Morocco in droves and still moving in, riding the near-shoring wave, the media says, adding that just across the expressway from Renault SA's 8,000-employee plant is the 1,500-acre Tanger Automotive City, which hosts dozens of companies like Michigan-based seating supplier Lear Corp. and French component maker Valeo.
Bloomberg notes that for years, big multinationals from Boeing and Airbus to Renault and Stellantis have helped the Moroccan economy add tens of thousands of new manufacturing jobs, pointing out that these companies benefit from top-notch infrastructures like the high-speed train and wider highways that link the major cities.
The agency also cites the Tanger Med port which has become one of the busiest and best in the Mediterranean, stating that Morocco is building another massive port near the Mediterranean city of Nador, aiming to replicate the Tangier’s success.
Other companies, mainly Chinese, are starting to set foot in Morocco, saying that a memorandum of understanding was recently signed between the Kingdom and the battery maker Gotion High-Tech Co to build a $6.4 billion factory for electric-vehicle batteries in Morocco, which would be one of the world’s largest.
Also, a fresh momentum has been given to Tanger Tech City, a "smart city" envisioned for perhaps 200 Chinese companies, according to Bloomberg.