Morocco, pursuing the path of political and economic liberalization, is positioning itself as a model of sustainable growth and stability in Africa, said Oxford Business Group (OBG) in its annual report “The Report: Morocco 2019”.
“Morocco’s efforts over the last few years to improve the business climate and increase investments in infrastructure and the industrial sector are becoming more and more successful, particularly in the automotive and aeronautics sectors”, OBG noted in a statement announcing the publication of this report.
Indeed, the report explores in depth the different facets of the economy, especially during the 20 years of King Mohammed VI’s reign, sketching a picture of the main issues through rigorous analysis and exclusive interviews.
“The 2014-2020 Industrial Acceleration Plan has enabled Morocco to become a key automotive manufacturer in Africa while achieving impressive successes in other sectors including aeronautics, agribusiness and textiles,” said OBG. Noting that Moulay Hafid Elalamy, Minister of Industry, Investment, Trade and the Digital Economy, and Othman El Ferdaous, Secretary of State for Investment, comment on these results in the context of special interviews.
The strategic geographical position of Morocco allows it more and more to play a role of bridge between Europe and West Africa, according to the firm of economic intelligence and consulting who pointed out that the establishment Attractive tax benefits as well as the modernization of infrastructures such as the port of Tangier Med or the construction of 1,800 km of new expressways, the expansion of its rail network and the development of logistics and industrial zones have led to a sharp increase number of companies active in the fields of transport and logistics.
“Major industrial sectors, mainly automotive, aeronautics, textiles and food, as well as tourism and real estate, offer attractive business opportunities with an attractive return on investment,” said the publisher. OBG chief Oliver Cornock was quoted as saying.
In this regard, he noted that “the rapid improvement of the business environment and the ongoing work to modernize infrastructure augur well for attracting new investment”, saying that “in the longer term, projects to develop renewable energy sources should help reduce its dependence on imported energy.”
“It is no wonder that Morocco has been named as the most attractive investment destination in Africa by Ernst & Young (EY) in 2017,” said Cornock.
In addition, OBG indicated that agriculture remains the main driver of economic growth, contributing 19% of the country’s GDP, although the projected growth of the industrial sector is expected to be around 5% between 2016 and 2022, noting that the Moroccan Green Plan has contributed to the growth of the sector and continues by participating in the transformation of the industry so that it can face the challenges of the future such as food security, climate change and an ever more competitive global market.
Morocco’s key role in Africa in areas such as financial services, infrastructure, agriculture and renewable energy is the subject of specific analysis and comments by the President of the African Development Bank, Akinwumi Adesina, and Deputy Minister for African Cooperation, Mohcine Jazouli, while the latest developments in the financial sector such as regulatory changes, the first results of the participatory bank, the launch of an interoperable mobile payment system and the ongoing reforms to The Casablanca Stock Exchange is analyzed by Bank Al-Maghrib’s Wali, Abdellatif Jouahri, President of the Moroccan Capital Market Authority, Nezha Hayat, and Attijariwafa Bank’s Managing Director, Ismail Douiri.
Published in partnership with CFG Bank, EY Morocco, the business law firm Sayarh & Menjra, the Moroccan Agency for Investment and Export Development (AMDIE), the Moroccan Association of Exporters (AMSEX) and the Chamber of Commerce American Trade in Morocco, “The Report: Morocco 2019” exclusively reserves a chapter in the region of Fez-Meknes, a territory with considerable investment potential, mainly in the industrial sector, agribusiness, tourism and the economy Knowledge.