Qingdao tire manufacturer to build factory in Morocco
Qingdao Sentury Tire Co plans to build a factory in Morocco in North Africa, according to senior officials from the company.
Lin Wenlong (second, left), general manager of Qingdao Sentury Tire Co, signs an agreement with Jaafar Mrhardy, president of Tangier Tech in Morocco. [Photo provided to chinadaily.com.cn]
Stock market-listed manufacturer Qingdao Sentury Tire Co, based in the port city of Qingdao in East China's Shandong province, is expanding abroad.
General manager Lin Wenlong signed an agreement and other related documents on Aug 1 with Jaafar Mrhardy, president of Tangier Tech in Morocco for land use, project construction and the operation of a new factory in the country in North Africa.
Under the agreement, Sentury Tire bought about 200,000 square meters of land for the new tire plant.
General manager Lin said that preparations for Sentury Tire's Morocco factory were now complete and construction would start in August.
"Sentury Tire values Morocco's stable political and economic environment, excellent geographical location, favorable investment conditions, streamlined approval process and friendly foreign trade policies," Lin said.
He added that the company's extensive experience in overseas factory constructions would contribute to the smooth and successful progress of its project in Morocco.
Representatives from Qingdao Sentury Tire Co and Tangier Tech in Morocco meet at the signing ceremony. [Photo provided to chinadaily.com.cn]
The Morocco project follows other tire factories built in Thailand and Spain. It's said to be part of the company's strategic plan to further strengthen its presence in the international market.
The factory will be built just 35 kilometers from the Port of Tanger-Med, the largest container port in Africa and the largest port on the Mediterranean coast of Morocco.