On October 29, 2024, Shandong Daye Co., Ltd. held the 11th meeting of the 5th Board of Directors and approved the "Proposal on Investment and Construction of Moroccan Production Base Project". On November 18, 2024, Shandong Daye Co., Ltd. held the second extraordinary shareholders' meeting of 2024 and approved the "Proposal on Investment and Construction of Moroccan Production Base Project". The following are some specific information about the project:
Project Overview: The Moroccan production base plans to build a 100000 ton/year tire bead wire production project and a 100000 ton/year steel curtain wire production project, which will be constructed in two phases. The first phase of investment is about 850 million yuan, to construct a 40000 ton/year bead wire production project and a 40000 ton/year steel curtain wire production project; The second phase investment is 635 million RMB to construct a 60000 ton/year tire bead wire production project and a 60000 ton/year steel curtain wire production project.
Geographical advantage: Morocco is located at the northwest end of Africa, guarding the Strait of Gibraltar, and is the shortest 14 kilometers away from Spain. It is a hub connecting Europe, the Middle East, and Africa, and is in an important strategic position.
International trade advantage: Political stability and social harmony are the biggest advantages for Morocco to carry out international cooperation. Whether during the 2011 Arab Spring movement or in recent years with the spread of extremist religious forces and terrorism, Morocco has maintained political and social stability. Advantages of openness. Morocco has a high degree of economic openness and has signed free trade agreements with the European Union, the United States, and other countries, covering 56 countries and radiating a large market of 1 billion people. In 2019, Morocco joined the African Free Trade Zone, consolidating the foundation for expanding exports and cooperation with Africa. Morocco is accelerating industrialization, informatization, and agricultural modernization. We hope that foreign enterprises can invest in Morocco, bringing new technologies, equipment, concepts, experiences, and job opportunities to drive the country's economic development. We particularly welcome investment projects that focus on export processing.
In recent years, China Morocco relations have continued to warm up, and the momentum of economic and trade cooperation is good. The two countries have established a strategic partnership and signed a cooperation plan to jointly build the "the Belt and Road". Morocco's willingness to engage in economic and trade cooperation with China continues to increase, and exchanges between the two countries in various fields and at all levels are becoming increasingly close. A group of Chinese production enterprises that provide supporting services for European and American manufacturers, such as automotive parts and new energy, have successively settled in Morocco. China's investment in Morocco is expected to become a new pivot for bilateral economic and trade cooperation.
Daye Morocco Co., Ltd. is mainly engaged in the manufacturing of tire bead wire, steel curtain wire, and rubber hose wire. By fully leveraging the company's own technological innovation capabilities and the professional advantages of its management team, it will vigorously promote the construction speed and quality of the project, quickly achieve the expected results, and achieve good economic benefits. In this context, Daye Morocco Co., Ltd. seized the opportunity of the "the Belt and Road" and decided to build a 40000 t/a bead steel wire production project. The project conforms to the development direction of Tangier, and improves the popularity of the enterprise and expands the market influence of the products.
Morocco has advantages and conditions to become a platform for Chinese enterprises to explore the African and European markets, and a bridge to enter the European and American markets. In the next 5 to 10 years, an industrial cooperation platform based in Morocco and targeting Europe, America, and Africa will gradually take shape. It is timely to invest and develop in Morocco.
