The Chinese battery company CNGR Advanced Material chose Morocco to invest $2 billion in it
“Newspaper reported”Financial Times“British, Chinese companies are avoiding or delaying direct investments in the United States and Europe, due to geopolitics and the long wait to obtain permits, according to what one of the largest producers of battery materials in the world warned, after announcing a $2 billion investment in Morocco.
The newspaper pointed out that the Chinese company CNGR Advanced Material announced last week that it would build a factory in Morocco to supply the American and European battery markets, as Morocco, located in North Africa, emerged as an unexpected winner from the US-Chinese tensions.
Thorsten Lahrs, CEO of CNGR Europe, said that Morocco was able to obtain a “good position” with the Chinese who want to supply markets in the United States and Europe, as Chinese factories can be built in Morocco faster than they can be built in the target markets in Europe and the United States. The United States, where building factories requires obtaining permits that take a long time.
Read also: Financial Times: How is China winning the race for African lithium?
On the other hand, building factories in Morocco is less risky, because they could shift towards exporting elsewhere if the United States or Europe pursues new protectionist policies.
Morocco has begun to benefit from being a bridge between Chinese companies and Western markets, as countries race to build battery industries that will determine the future shape of the automotive and clean energy sectors.
A few days ago, the agency reported,ReutersAccording to a document prepared by Spain for the leaders of the European Union countries, in which it indicated that the countries of the Union may become dependent on China for lithium-ion batteries and fuel cells by 2030, as was the case with Russia, to obtain energy before the Ukraine war, unless it takes… Strong procedures.
Read also: The Economist: The battery industry is a new cold war between Beijing and Washington
2023-09-28 09:52:38
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