RABAT, April 25 (Xinhua) -- Morocco expects auto industry exports to reach an annual 20 billion U.S. dollars by 2025, said an Moroccan minister on Wednesday.
Car industry is already the first industrial exporting sector with more than 7 billion U.S. dollars turnover in 2017, the minister said at the opening of the Automobile Subcontracting Exhibition in the northern city of Tangier, said Moulay Hafid Elalamy, the Moroccan Minister of Industry, Investment, Trade and Digital Economy.
He stressed that the government is on track to reach its goal of making 10 billion U.S. dollars auto industry export turnover by 2020.
The sector created some 83,845 jobs, which represents 93 percent of the goal set for 2020.
Moroccan aims to lift the overall industrial component of gross domestic product (GDP) to 20 percent by 2020.
Morocco's automotive industry is rapidly growing due to government incentives as well as other competitive factors.