Chinese investor Haite Group has signed a memorandum of understanding to establish a $10bn industrial park in the Tangiers-Tetouan-Al Hoceima region in northern Morocco.

The industrial area will cover 1000 hectares in the first phase and 2000 hectares in the second. It is expected to create 300,000 jobs.

A $1bn China-Morocco investment fund will also be set up by Haite Group, Morocco-China International and local BMCE Bank of Africa. It will focus on the financial, textiles, automotive and aviation sectors.

The Haite Group is specialised in aviation and hi-tech manufacturing.

Morocco is attracting foreign investment in its manufacturing sector. Germany’s Siemens is planning a $110m wind turbine rotor blade factory, while France’s Peugeot Citroen is setting up a $632m vehicle production plant.