Guizhou Tire clears investment procedures for €250m Morocco plant

Guiyang, China – Guizhou Tire Co. Ltd. has completed the overseas investment registration for its planned 6-million-unit passenger car radial tire plant in Morocco, clearing the domestic approval procedures required for the project.

The company’s wholly owned subsidiary, Guizhou Qianjin Tire Investment, received an ‘enterprise overseas investment certificate’ from the Guizhou Provincial Department of Commerce 11 Aug, the Chinese tire group announced in a stock exchange filing.

Guizhou Tire said all required domestic approval and registration procedures for the project have now been completed.

These include approval from the Guizhou State-owned Assets Supervision and Administration Commission and registration of the overseas investment project with the Guizhou Development and Reform Commission.

Guizhou Tire said it would now focus on accelerating work on obtaining site approval and establishing the Moroccan subsidiary, with the aim of starting construction of the project “as soon as possible.”

Guizhou first announced the Morocco project in January, with an investment of $298.7 million (€255 million) for a passenger car tire plant at Tangier Tech City.

The project represents the Chinese tire maker’s second overseas manufacturing facility. (ERJ report)