Forbes Africa magazine’s new February-March edition showcases Morocco’s economic model, as well as its dedication to African co-development and shared wealth, said the magazine on Friday.
The magazine’s special edition “Morocco: Unleashing Opportunities at the Crossroads of Continents,” focuses on the Kingdom’s successes in crucial, high-value-added industries for Morocco, the continent, and beyond.
In this regard, the magazine notes that Morocco, “a land of many riches,” is now positioning itself as an ideal investment destination, owing to its tourism potential, renewable energy capabilities, skilled multilingual workforce, and strategic location between Africa, Europe, and the Middle East.
Since the early 2000s, Morocco has implemented three national industrial strategies to promote the financing of physical infrastructure in important industries and the development of the manufacturing sector. One of these initiatives, the nation’s Industrial Development and Investment Fund, has aided in the modernization and expansion of the industrial sector’s ability to replace imported goods.
“We have proven as an African country that we can transform, create and manufacture a platform which can compete against other countries in the world and deliver high standard quality products,” says Minister Ryad Mezzour, Minister of Industry.
“Morocco has been successful in automobile production and aerospace manufacturing. Today, automotives stand out as one of the highest export value products for the country,” says Tarik Hamane, Acting CEO of MASEN.
Morocco’s products have become globally competitive, with the automotive industry in particular gaining traction in recent years, so much so that it leads the African automotive industry with a production capacity of 700,000 vehicles a year. The sector boasts a high export turnover that surpassed 8.7 Bln dollars during the first eight months of 2023.
Referring to Morocco’s stature on the world stage, Forbes Africa recalls that the Kingdom hosted the Annual Meetings of the World Bank and the International Monetary Fund in Marrakech last October.This major event for the hub of world finance testifies to Morocco’s formidable capacity to host large-scale conferences, and to the Kingdom’s growing importance in the concert of nations, the same source points out.
In this regard, Minister Delegate to the Head of Government Mohcine Jazouli stated, “Morocco’s stability and strong economic performance has convinced the IMF and the World Bank to organize their annual meetings in Morocco and, more recently, the FIFA Executive Committee to entrust the Kingdom with co-hosting the 2030 World Cup alongside Spain and Portugal.”
The magazine also points out that, in recent years, Morocco has transformed itself into an African industrial “powerhouse,” setting the benchmark in the automotive and aerospace sectors.
At the end of 2023, King Mohammed VI of Morocco and Sheikh Mohamad bin Zayed Al Nahyan, President of the United Arab Emirates, signed 12 Memoranda of Understanding (MoUs) for investment projects and socioeconomic development initiatives in a variety of areas.
Morocco’s selection for high-profile international events reflects the country’s enviable standing and infrastructural capability, which is comparable to that of wealthy countries.
“With its potential to contribute to the global transition to renewable energy and its expanding role in the automotive industry, among others, Morocco is charting a course toward global influence,” concluded the article.