Morocco has been highlighted as one of the best places to invest in the 2024 Investment Climate Statement (ICS). Here’s why this North African country is grabbing global attention
December 30, 2024
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Morocco’s location is a major advantage.
It serves as a bridge connecting Europe, Africa, and the Middle East, making it a perfect hub for businesses expanding across these regions.
With over 50 free trade agreements, including those with the European Union and the United States, Morocco provides access to more than 1 billion consumers globally.
The country’s major ports, like Tanger-Med (one of Africa’s largest), handle over 7 million containers annually, ensuring smooth trade operations.
Morocco is a global leader in renewable energy.
By 2030, the country aims to generate 52% of its energy from renewable sources.
Currently, renewables make up around 38% of installed capacity as of 2023.
Over the past decade, Morocco has invested more than $13 billion in solar, wind, and hydro projects.
For instance, the Noor Ouarzazate Solar Complex, the world’s largest concentrated solar power plant, produces 580 MW, showcasing Morocco’s commitment to clean energy.
Foreign Direct Investment in Morocco is on the rise.
In 2021, FDI grew by 52%, reaching $2.2 billion.
France is Morocco’s largest investor, contributing 31% of total FDI, followed by the UAE at 11% and Spain at 7%.
The manufacturing sector attracted 32% of FDI, with automotive and aeronautics industries leading the charge.
In 2022, Morocco exported over $10 billion worth of vehicles and parts, solidifying its position as Africa’s largest car manufacturer.
The Moroccan government actively supports foreign investors.
It offers tax breaks, streamlined business registration, and reduced customs duties for specific industries.
The new Investment Charter, introduced in 2022, aims to boost private investment’s share of GDP from 30% to 65% by 2035.
Regional investment centers also provide localized support, helping investors navigate regulatory requirements with ease.
Emerging sectors like technology, renewable energy, and agribusiness enjoy particularly strong incentives.
No country is without challenges, and Morocco is no exception.
Bureaucracy can cause delays, with businesses often experiencing long wait times for permits.
Corruption, though being tackled, still affects certain sectors.
Intellectual property rights enforcement remains weaker than international standards.
Morocco ranked 53rd globally on the World Bank’s Ease of Doing Business Index in 2020, indicating progress but also room for improvement.
Morocco is positioning itself as a top destination for investment.
Its automotive industry is booming, contributing over 27% to exports.
The country’s GDP is projected to grow by 3.3% in 2024, driven by industrial expansion and increased trade.
With its focus on renewable energy, rising FDI, and supportive policies, Morocco offers high potential for investors.
If you’re looking for a market with strategic advantages and growth opportunities, Morocco is worth considering.
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