Morocco presents itself as an “attractive and sustainable destination” for international investments

“The success of investments in Morocco depends on a set of factors, such as sound government policies, progressive economic reforms, and continued efforts to create a business-friendly environment,” the Spanish think tank says in its September report.

The Spanish Institute noted that Morocco has pursued “firm and ambitious strategies” with the aim of transforming itself into an industrial country, while reducing its dependency on imports, explaining that this “strategic” vision has borne fruit.

According to Cordinadas, this industrial growth came as a result of a series of “comprehensive measures” implemented in recent years, which include, in particular, expanding investments in industrial infrastructure, improving governance and public administrative systems, and expanding the scope of incentives and support provided to manufacturing companies. Foreign.

In this regard, the Spanish research center highlighted the diversification of trading partners and target markets as an “essential element” in this dynamic.

He added, “During the past year, Morocco continued to move forward on this ambitious path. During the first five months of this year alone, the country attracted no less than 40,000 applications to establish companies,” recalling that the US State Department described in its report on the investment climate In the world, which published last July Morocco as a “regional business center.”

The think tank also stopped at the increase in remittances from Moroccans residing abroad and tourism revenues, which allows the Kingdom to increase its foreign currency reserves in a “difficult global context.”

He highlighted that the tourism sector is recovering with an “exceptional” increase in revenues estimated at 170.8 percent. Tourism revenues, which recorded 34.6 billion dirhams in 2021, reached 93.6 billion dirhams in 2022, exceeding the pre-pandemic level (78.7 billion dirhams in 2019).

The source added that tourism, one of the pillars of the Moroccan economy, and through its 7 percent contribution to the gross domestic product, is at the heart of a new strategic road map worth 6.1 billion dirhams over four years, explaining that the goal is to attract 17.5 million tourists annually and generate revenues. With a value of 120 billion dirhams by 2026.

“In these turbulent times, the dual attractiveness of investment and tourism puts Rabat in a good position to move forward with its road map towards the full modernization of its economy,” the Spanish Institute concluded.

It is noteworthy that the Cordinadas Institute for Governance and Applied Economics is an institute for thinking and research on the interaction between governance and applied economics, aiming to advance constructively and decisively in the areas of social welfare, economic progress and environmental sustainability.