RABAT - Morocco and Chinese group HAITE will set up an industrial and residential park in the northern city of Tangiers with $10 billion-worth investment, local media reported Monday.

According to Moroccan news site Medias24.com, Moroccan officials and Chinese delegation discussed over the weekend in Morocco means to implement this large-scale park which will host 300,000 employees.

The park, which will cover 1,200 hectares, will also host numerous Chinese companies whose products will target African and European markets, the same source added.

The source revealed that the construction of the park will begin soon.

Chinese President Xi Jinping and visiting King Mohammed VI of Morocco signed on May 11 in Beijing a joint statement on establishing a strategic partnership between the two countries.

As part of this partnership, a memorandum of understanding to set up an industrial and residential park in Morocco was signed by the Moroccan government and Chinese group HAITE.