RABAT, July 26 (Xinhua) -- Chinese auto wheel manufacturer CITIC Dicastal will build two plants for auto wheel production in Morocco with an investment of 350 million euros (407.5 million U.S. dollars).
The deal was signed Thursday in the Moroccan capital Rabat by the Moroccan Ministers of Economy and Industry, Mohamed Boussaid and Moulay Hafid Elalamy, respectively, as well as Chairman of CITIC Dicastal Xu Zuo.
The leading Chinese group plans to produce six million wheels yearly, 90 percent of them will be exported abroad.
The plants, which will be built in the northern cities of Kenitra and Tangier, will create some 1,200 jobs.
CITIC Dicastal will start production in its Kenitra plant by the end of 2019, the same year that will see PSA Peugeot beginning production of its cars in the coastal city of Kenitra, 40 Km to the north of Rabat.
"A global pioneer in the production of aluminium wheels will add up to the PowerTrain ecosystem and will surely introduce a high value-added to Morocco's car industry sector," Elalamy said during the signing ceremony.
Xu said that "through this project, Dicastal will expand its global coverage and contribute to Morocco's industrial development and Sino-Moroccan economic exchanges."