Morocco topped the Greenfield Foreign Direct Investments (FDI) outperforming destination for 2023, after attracting worldwide commitments totaling $34 billion worth of investment projects. These pledges are projected to double the previous all-time high of $15.8 billion set in 2008, according to an fDi Markets release published on Wednesday.
The Kingdom has experienced a surge in Chinese investment, notably in the electric vehicle (EV) supply chain. It has also received significant FDI in renewable energy, chemicals, and tourism.
Notably, Chinese battery manufacturer Gotion High-Tech has reached an agreement with Morocco’s government to build the country’s first African gigafactory. Huayou Cobalt, situated in Zhejiang, also intends to invest Dh200 billion ($19.5 billion) in EV battery components manufacturing.
Malaysia took second place with a commitment pledge of approximately 27.8 billion dollars, followed by Iraq, which is projected to bring in 24 billion dollars for the year. Iraq is followed by Israel (fourth place at 15.5 billion), and the Democratic Republic of the Congo with 3.3 billion in the fifth spot, and finally Finland with 4.2 Bln dollars.
According to early fDi Markets estimates dating back to 2003, these countries registered proposed Greenfield FDI projects valued higher than any previous twelve-month period in their respective market histories.
In 2023, FDI into these five outperforming nations is anticipated to exceed the yearly average FDI capital expenditure (capex) recorded in the decade preceding the epidemic.