Chinese industrial group Hangyu Technology has decided to relocate its $117.36 million forging project from Slovakia to Morocco’s Mohammed VI Tangier Tech City, which includes a 2,167-hectare smart city and industrial free zone, built through a partnership between Morocco and China under the Belt and Road Initiative
The Chinese industrial project, which will be transferred to Tangier, is expected to produce forged metal components for industrial equipment, strengthening the Kingdom’s industrial eco-system.
Hangyu Technology company has explained its relocation decision by the delays in administrative procedures in Slovakia and greater clarity of investment procedures in Morocco.
The Tangier industrial park & free zone stretch over 947 to 972 hectares designed for export-oriented manufacturing, high-value-added industries, automotive parts, aerospace, renewable energy, electronics, digital technologies, and machine tools.
Morocco offers investors in Tangier over 1,220 hectares featuring residential zones, commercial spaces, healthcare facilities, ready-to-use plots for multinational companies and small-to-medium enterprises (SMEs).
The investors also benefit from full corporate income tax exemption for the first 5 years, followed by scaled corporate tax rates, alongside exemptions from Value-Added Tax (VAT) and customs duties.
They also benefit from freedom to convert & transfer currencies, plus unrestricted repatriation of profits & capital, streamlined administrative procedures, proximity to the Tangier Med port, the Tangier International Airport, the Tangier High-Speed Rail (TGV) station, and Tangier’s city center.
This strategic logistic hub is strengthened with direct integration with regional highways and multi-modal transport networks connecting Africa, Europe, and Asia.