Casablanca – As Morocco navigates an increasingly complex global economic environment, the Kingdom is reaffirming its ambition to strengthen its position as a key player in international trade and investment. With a focus on fostering export growth, attracting foreign direct investment (FDI), and developing strategic sectors, the Moroccan government is implementing reforms that promise to reshape the country’s economic landscape.

Recent data highlights the resilience and competitiveness of Moroccan exports, which reached a remarkable value of approximately $34.2 billion by the end of September 2024, representing a 5.3% increase compared to the previous year. This growth is particularly notable in the automotive and aerospace sectors. For instance, automotive exports soared by 28% in 2023, reaching about $11.9 billion during the first nine months of 2024. The aerospace industry also demonstrated significant advancement, with a 20% rise in exports, driven by a 31% increase in assembly sales.

The government’s commitment to diversifying markets and enhancing the quality of Moroccan products has been instrumental in achieving these results. The phosphate sector, a cornerstone of the Moroccan economy, reported exports totaling around $6.2 billion, reflecting an 11.3% increase over the previous year. Infrastructure projects, such as water desalination initiatives, are further supporting agricultural productivity in arid regions, showcasing the government’s dedication to sustainable development.

Morocco’s attractiveness as an investment destination is underscored by a staggering 50.7% increase in FDI, which reached approximately $1.7 billion in the first nine months of 2024. This surge is attributed to the recently implemented New Investment Charter, which aims to bolster investor confidence. A landmark agreement to establish Africa’s first electric battery production facility, with an investment of about $6.7 billion, highlights Morocco’s strategic push into future technologies, particularly in the electric vehicle sector. This project is expected to create 25,000 jobs, reinforcing the nation’s role as a leader in the automotive industry.

In parallel, the Moroccan government is making significant strides in promoting green energy. The launch of the “Moroccan Offer” initiative in 2024 aims to attract foreign investors to the green hydrogen sector. With nearly 40 investment requests already received, Morocco is positioning itself as a potential leader in renewable energy in both Africa and the global market.

Despite the challenges posed by rising global prices and supply chain disruptions, Morocco has managed to maintain a stable trade balance. Imports reached about $57.1 billion at the end of September 2024, a manageable increase from the previous year. The government has successfully implemented policies to curtail energy imports, leading to a nearly 6% reduction in energy purchases this year. These efforts have improved the coverage rate of goods from 57.8% in 2019 to 60% in 2024, illustrating the effectiveness of Morocco’s economic strategy in fostering sustainable development.

Tourism, another vital sector of the Moroccan economy, is witnessing a robust recovery. With revenues of approximately $8.9 billion by the end of September 2024, this marks an 8.4% increase compared to the previous year. More than 13.1 million tourists visited Morocco during this period, underscoring the country’s growing appeal as a travel destination. Additionally, remittances from the Moroccan diaspora reached about $9.4 billion, highlighting the crucial role of expatriates in supporting the national economy.

The economic resilience displayed by Morocco is further evidenced by a growth rate of 3.4% in 2023, despite external pressures. This stability can be attributed to the government’s ongoing economic reforms and initiatives aimed at enhancing the investment climate. The inflation rate remains low at 1.1% in 2024, significantly below that of neighboring countries.

As Morocco continues to embrace a future-oriented vision, the focus remains on consolidating its economic sovereignty and diversifying its export base. With strategic investments in key sectors and a commitment to sustainable practices, Morocco is poised to emerge as a leading economic player in Africa and beyond, paving the way for sustained and inclusive growth in the years to come.