Net foreign investment income in Morocco reached MAD 16.3 billion as of September 2024, Morocco’s Head of Government Aziz Akhannouch said on Monday at the Lower House.
During a speech in the monthly question session on “The Central Role of Foreign Trade in the Development of the National Economy,” Akhannouch noted that this figure represents a 50.7% increase year on year, which saw a decline in foreign investment across the globe, particularly in African countries.
Akhannouch pointed out that the recently announced foreign direct investments are expected to become a significant draw for international investors. He added that these investments are expected to grow, bolstered by the new investment charter
The head of government described it as a “strategic choice” reflected in the signing of several major investment agreements, notably the electric battery production project—the first of its kind in Morocco.
Akhannouch highlighted that the project involves an investment of approximately MAD 3 billion and is expected to create over 2,500 jobs.
He also noted that the government previously signed a memorandum of understanding (MoU) with an international stakeholder to establish Africa’s first factory for producing electric vehicle batteries and energy storage systems in Morocco, with an investment of around MAD 65 billion. The project is anticipated to generate 25,000 direct and indirect jobs, further reinforcing Morocco’s leadership in the automotive industry.
Reflecting on Morocco’s regional and international prominence in modern industries, Akhannouch added: “The government continues to drive the development of the green hydrogen sector, reinforcing Morocco’s position as a global hub for sustainable energy and a key driver of wealth and job creation.”
He also pointed out that the government has launched the “Morocco Offer” to develop green hydrogen projects, providing a competitive and incentivizing framework, with a comprehensive and transparent approach for investors.
Since the launch of this initiative in March, and as of last week’s steering committee meeting, the Moroccan Agency for Sustainable Energy (MASEN) has received nearly 40 global requests —including America, Europe, Asia, Australia, and Morocco itself—focused particularly on the Kingdom’s southern regions.
Akhannouch described this global interest as “concrete evidence of the promising prospects for this area and the strong confidence that both foreign and Moroccan investors have in Morocco.”
Akhannouch also highlighted that the progress achieved over the past two years reflects a broader transformation of the national economy, the result of ongoing government efforts to address issues of sustainable development and growth.