Morocco has chosen to be a country that is more inclusive than many other countries, which is a departure from the trend of small elites holding onto unjustified privileges based on the exploitation rent positions. Its political stability and geographical location have helped it become a regional manufacturing hub and export base for international businesses.
The remarks came in a piece published by Washington-based think tank, Global Policy Institute, that sheds light on the North African country’s road of development.
“Morocco actively encourages and facilitates foreign investment, particularly in export sectors like manufacturing, through positive macro-economic policies, trade liberalization, investment incentives, and structural reforms,” the author of the paper and president of the think tank Paolo von Schirach points out.
The Kingdom’s overarching economic development plan seeks to transform the country into a regional business hub by leveraging its unique status as a multilingual, cosmopolitan nation situated at the tri-regional focal point of Sub-Saharan Africa, the Middle East, and Europe, he states, underlining that the Government of Morocco implements strategies aimed at boosting employment, attracting foreign investment, and raising performance and output in key revenue-earning sectors, such as the automotive and aerospace industries.
Also, Morocco continues to make major investments in renewable energy, boasting a 4 GW current capacity, 5 GW under construction, and an additional 6 GW in the planning phase,” Paolo von Schirach says, praising the kingdom’s simple but fruitful recipe for development.
Investment destination
The paper’s author insists on creating a friendly business environment by removing barriers and bottlenecks, creating win/win partnerships with businesses in liberal democracy committed to international investment rules, the trading system, fighting corruption and educating young people to allow them to engage in productive activities.
Through positive macroeconomic policies and trade liberalization, investment incentives and structural reforms, Morocco encourages and facilitates foreign investments, especially in manufacturing and export sectors.
Modern infrastructure
The Global Policy Institute’s paper, which ascribes Morocco’s success to its modern infrastructure, recalls that Morocco is home to the world 23rd best ranked port, the Tanger-Med port, which is also the best in the Mediterranean. The country also has the only high-speed rail service connecting Tangier and Casablanca, which was established in 2018.
“There is no question that the availability of first world, first class high-speed rail services places Morocco in a higher category among emerging countries. Super-fast rail connections will enhance Morocco’s image as a growing, modern economy whose main actors are capable of partnering with high tech industries across the world.”
Africa-Oriented Strategy
The author of the paper on the other hand focuses on Morocco’s Africa-oriented and South-South strategy, which singles it in the region and on the continent.
According to an US State Department Investment Climate statement, the Government of Morocco prioritizes investment in Africa. According to the African Development Bank (AfDB), the Government of Morocco ranks as the second largest African investor in Sub-Saharan Africa after South Africa and the largest African investor within West Africa. Morocco invested $640 million in Africa in 2019, which is 47 percent of its total outward foreign direct investment.
In addition, two of the country’s banks, namely Attijariwafa Bank and la Banque centrale populaire, feature among the continent’s 10 largest banks in 2021 with total assets of $40.026 billion and $27.662 billion respectively.
“All this clearly indicates that while Morocco makes efforts to attract more Foreign Direct Investment, the country is also pursuing a strategy of investments in sub-Saharan Africa. If this trend progresses, Morocco may well be poised to become an important bridge, a valuable connecting point, between companies in developed countries and Africa,” the author of the piece notes.
Exporter of major fertilizer and agribusiness service
Reckoned as the continent’s largest fertilizer producer and exporter, the North African country also now sells agribusiness related consulting services to many international clients, including several African countries, he recalls, noting that this advantage, positions Morocco as a major partner for many African countries that still rely on old-fashioned agriculture technologies, so that they can transform and modernize their agriculture sectors, increase yields and overall improve productivity. “This will clearly benefit millions of people employed in agriculture and overall food security.”
Gender equality, education focus
Schirach also pin-points the Moroccan government’s consideration for gender equality and extensive investment in education.
The kingdom produces 152,000 industrial skills graduates each year for the job market as well as for investors looking for talent to turn around their investments.
Moroccan women have the opportunity to be on the forefront of education and take advantage of every bit that education has to offer.
Moroccan women are able to study, work, live and vote on their own. Schirach says that while there is still a significant cultural divide between more liberal urban societies than rural ones, Morocco has made significant progress in promoting gender equality over the past twenty years.
Source: north africa post
