Karim Zidane, Minister Delegate in charge of Investment, announced on Wednesday a joint Korean-Chinese investment of over MAD 5.5 billion ($612.32 million)in the first phase of the establishment of a lithium refining plant in Morocco.

The Moroccan minister said he “had the pleasure” to welcome delegations from Korea’s LG Solution and China’s Yahua Group, who are leading an investment aimed at establishing a lithium refining facility in Morocco.

He said the project “will strengthen Morocco’s position as a regional hub in the electric battery value chain and foster the development of an innovative industrial cluster around lithium.”

The first phase of the project represents an investment of over MAD 5.5 billion to create over 430 high-value-added direct jobs.

The project comes as Morocco increasingly expresses interest in the lithium sector in line with the country’s ambition to boost its industrial development.