Morocco’s economic diversification is paying off
Morocco – Economic diversification efforts in Morocco are beginning to pay off with an increase in exports in recent years that support growth, according to analysis of the new economic report prepared by the research and consulting firm Oxford Business Group (OBG).
The Report: Morocco 2016, which was launched at the COP22 in Marrakech in partnership with the Embassy of the United Kingdom in Morocco, details Morocco’s strategic development efforts that maintain the stability of the country, Deficit and support economic growth, which rose 1.7% in the first quarter of this year.
The Moroccan government has put in place measures such as the reform of the compensation fund, ending the one on petroleum products. Tax reform has also helped stabilize the economy by reducing the budget deficit. Finally, the increase in industrial investment, particularly in the aeronautics and automotive sectors, is continuing.
Two additional analyzes are coming this year to complement the new investment guide: on the city of Casablanca, which follows a strategic development plan for 2020 and on the environment, within the framework of the COP22 which will take place in Marrakech on 7 As at 18 November 2016.
The redevelopment of the city of Casablanca has become a priority of the Moroccan government, with investments in infrastructure, transport, and cultural and tourist places. The objective is to improve and increase the quality of life in Casablanca and increase the interest of investors. The Strategic Development Plan of Casablanca 2015-2020 will contribute Dh33.6bn (€ 3.1bn) and will focus on four pillars: quality of life, connectivity and mobility, economic, educational and administrative excellence, and leisure.
The development of the financial center Casablanca Finance City is expected to attract new investment from foreign companies, notably thanks to its attractive tax framework. After meeting with key public and private players, OBG provides a detailed analysis of major investments in tourism, construction, energy and industry, including aerospace and automotive.
In addition, the report analyzes in detail the development of transport infrastructure with projects for the modernization and expansion of roads, ports, the railway network and airports, as well as plans for improvement in logistics.
According to Andrew Jeffreys, CEO and editor of OBG, “The Moroccan economy has evolved considerably over the past decade, with a significant increase in production in the industrial and service sectors. While the global economic difficulties have affected some key export segments, the country has managed to stay the course unlike other countries in the region.
OBG’s editorial director for Africa, Robert Tashima, said that “Morocco has managed to maintain its domestic consumption and investment levels, thus sustaining growth as the global economic context continues to struggle.”
“The most impressive is that the private and public sectors of the country have managed to turn to the South, positioning themselves as a bridge to West Africa. Dozens of companies in the country have established themselves in WAEMU and the Economic Community of West African States (ECOWAS), while initiatives such as Casablanca Finance City have helped attract foreign capital into the economy. Region, “he said.
The Report: Morocco 2016 contains interviews with personalities and experts who analyze in detail the development of the main sectors of activity such as Abdelilah Benkirane, Head of Government, Macky Sall, President of the Republic of Senegal, Abdellatif Jouahri, Governor of Banque centrale du Maroc and Isabelle Kocher, Managing Director of Engie, among others.
The official launch of The Report: Morocco 2016 coincides with COP22, the Conference of Partners representing the decision-making body of the UN Climate Change Convention.
The issue of COP22 concerns the “conference of action” following the ratification of the Paris agreement by more than 55 countries representing more than 55% of greenhouse gas emissions. Capacity-building and funding will be discussed, particularly for the least developed countries, landlocked developing countries and small island developing States. Moreover, Morocco wants to be the voice of the countries of the South, countries particularly affected by climate change.