South Korean leading automotive group “Hyundai” to move their business from Algeria to Morocco
South Korean automotive group Hyundai announced the suspension of it’s operations in Algeria due to the current state of the country’s automotive sector and by that the company decided to move their entire business to Morocco.
Hyundai Group decision came after the German automotive industry Volkswagen decision to move it’s activities from Algeria to Morocco too.
“Le soir d’Algérie “ newspaper announced that Hyundai Motors company decided to postpone and suspend it’s projects, as the Algerian authorities are not serious; therefore the giant Korean company decided to stop business in Algeria.
Hyundai Motors’ (H/vIC) decision to leave the Algerian market would let the company to focus on more stable foreign markets in terms of regulation and more potential commercial outlets, notably in Morocco, where it is the leading automobile maker.
However, Morocco has reaffirmed its position as a significant participant in the automotive industry, as Africa’s leading automotive manufacturer, and the Kingdom is working rapidly to structure projects.
Hyundai, a South Korean automotive, had agreed in 2018 to form a joint venture with the Global Group to construct commercial vehicles in Algeria, but had no intention of carrying out the project, prompting it to relocate its operations to Morocco, the most stable and experienced in the area.
Thus, after being virtually totally ignored by Algeria’s Ministry of Industry, Small and Medium Enterprises, and Investment Promotion, the German Volkswagen Group initiated high-level formal discussions with Rabat officials to relocate its operations from Algeria to Morocco.