Morocco and Chinese company HAITE Group decided on Monday to invest one billion U.S. dollars to build an industrial and residential park in Morocco's northern city of Tangiers.
At the Marchane Royal Palace in Tangiers, King Mohammed VI of Morocco chaired the signing ceremony of the memorandum of understanding on the creation of the park, which will be named "Mohammed VI Tangiers Tech City."
The park will host hundreds of Chinese companies in numerous industries, including auto manufacturing, aerospace, aviation spare parts, electronic information, textiles and machinery manufacturing.
Carried out by the Tangiers-Tetouan-Al Hoceima regional authorities, Morocco's BMCE Bank and HAITE, the project will cover an area of 2,000 hectares and generate 100,000 jobs.
On May 11, 2016, Chinese President Xi Jinping and King Mohammed VI of Morocco signed a joint statement on establishing a strategic partnership between the two countries in Beijing.
As part of the partnership, a memorandum of understanding to set up an industrial and residential park in Morocco was signed months later by the Moroccan government and HAITE.