Typepress
In 15 May, CAMCE signed a commercial contract with Tijan Petroleum Co. Ltd. to build a new tyre plant in Morocco. According to local news reports, CAMCE vice president Hu Wei signed the contract with Tijan vice president Ibrahim Khayat witnessed by chairman Luo Yan of CAMCE and executive vice president Ahmed Khayat of Tijan.
The two parties currently plan to invest US$250 million and locate the new plant in Kenitra City in Morocco. The plant is expected to product “three million semi-steel radial tyres for both passenger cars and light duty trucks, with a completion period of 30 months”. Chinese news sources suggest the factory will directly create 950 jobs in its first phase.
The deal fits into a wider regional business development plan. In 2014, the Moroccan government announced its 2014-2020 Industrial Acceleration Plan, which emphasizes China as a key partner. Meanwhile, the project owner is a Saudi enterprise – Saudi Arabia being one of the key countries in the so-called “belt and road” initiative.
In May 2016, the government of Saudi Arabia announced the 2030 Vision to accelerate industrialization and technological innovation to diversify the country’s heavy economic reliance on oil and boost economic development.
Chinese news reports suggest the scope of the work includes “technology transfer, engineering design services, civil construction, installation, procurement of machinery and materials, commissioning, testing and personnel training”.
China CAMC Engineering Co., Ltd. (CAMCE) is an incorporated company affiliated to China National Machinery Industry Corporation (SINOMACH). It was established in May 2001 and was listed in Shenzhen Stock Exchange in June 2006, the first IPO company after full circulation stock reform was carried out in the Chinese stock market.
