Morocco is fast becoming a key regional player and is set to become a hub of innovation according to a report from Forbes.
Morocco is emerging as a key player in renewable energy and the automotive industry, positioning itself as a hub for sustainability and innovation, according to a report from Forbes. Through strategic policies and incentives, Morocco has attracted foreign investment, leveraging its special economic zones and industrial development funds to modernize its manufacturing sector.
Morocco – An automotive hub
The nation’s automotive industry has seen significant growth, the report claims, transitioning from vehicle assembly to full-fledged production. With an annual capacity of 700,000 vehicles and a robust export turnover exceeding USD 8.7 billion, Morocco’s automotive sector has become one of its highest export earners. Free trade agreements with the European Union and the United States have further bolstered this 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,” said Tarik Hamane, Acting CEO of MASEN (Moroccan Agency for Sustainable Energy).
Solar and Wind Power
In parallel, Morocco is making strides in renewable energy, particularly solar and wind power. The Noor-Ouarzazate concentrated solar power complex, run by MASEN, stands as the world’s largest, underscoring Morocco’s commitment to green energy production. The country’s emphasis on environmental protection aligns with global efforts towards decarbonization, giving Moroccan products a competitive edge in the international market.
Furthermore, Morocco’s advantageous location and stable economic environment have attracted multinational companies seeking to diversify their supply chains. The country’s strong banking system, young population, and proactive investment reforms, including a new investment charter introduced in 2022, have reinforced its appeal to investors.
“We are very well connected to different continents, we have a strong banking system, we have stability, we have a young population and the private sector is the main actor in Morocco,” said Mohamed Laghrari, CEO of Al Hoceinia Holding.
Morocco’s preferential trade agreements with over 60 countries provide a conducive legal framework for investment, while collaborations with other nations, such as the United Arab Emirates, underscore its commitment to socio-economic development initiatives, according to the report.
High-profile international events hosted in Morocco, including meetings by the IMF and World Bank, as well as the upcoming co-hosting of the 2030 FIFA World Cup, reflect the country’s growing influence and infrastructure capacity.
Morocco – Looking to the future
In summary, Morocco is poised to play a significant role in the global transition to renewable energy and the automotive industry, leveraging its favorable business environment, strategic partnerships, and commitment to sustainable development. With its diverse economic portfolio and expanding international engagement, Morocco is charting a course towards broader global influence and economic prosperity.
The full report can be downloaded here.