Morocco : the Kingdom reaffirms its role as a driver of investments in Africa

In light of the latest edition of the International Africa Development Forum (FIAD) 2024, Morocco confirms its ambitions to position itself as the indispensable platform for investments in Africa. Following a record year in 2023 for investments, the country is consolidating its role as a regional hub.

Initiated by the Africa Development Club of Attijariwafa bank, in partnership with the pan-African fund Al Mada, the 7th edition of FIAD 2024 was held in Casablanca on June 27th and 28th. Bringing together nearly 2,000 political decision-makers, international institutions, and economic actors from over 30 African countries under the theme « Here, we invest, » this flagship event in the Moroccan-African economic scene reaffirmed the Kingdom’s ambitions to position Morocco as the essential platform for investments in Africa.

« Africa is our common good. Our heritage. Endowed with colossal assets such as abundant natural resources and immense agricultural potential, it experiences economic growth above the global average, thus attracting more investments. However, intra-African trade, crucial for development, remains below its potential, » reminded Mohammed El Kettani, CEO of Attijariwafa Bank.

FIAD, a catalyst for intra-African exchanges 

This is FIAD’s mission: to act as a catalyst for these intra-African exchanges, stimulating partnerships and promoting sustainable investments. Organized since 2010 by Attijariwafa Bank’s Africa Development Club, this forum has already brought together over 22,000 participants from 40 countries, generating nearly 26,000 business meetings. This platform actively supports South-South cooperation and regional integration, thus strengthening Morocco’s role as a catalyst for financing on the continent.

In this regard, the country has compelling arguments. Its political and economic stability, combined with developing modern infrastructure, make it an attractive gateway for investors seeking access to the African market. Its geographical proximity to Europe, qualified workforce, and proactive policies in investment and international trade further enhance its appeal. Moreover, Morocco benefits from free trade agreements with numerous African countries, facilitating cross-border trade and investment. With Attijari Group present in 26 countries, particularly across Africa with over 5,000 branches, to support this dynamic.

2023, a record year for investments 

Indeed, Morocco is already a preferred destination for FDI in Africa. In 2023, Morocco saw a significant increase in FDI reaching 13.1 billion dirhams (approximately $1.46 billion) by the end of April, thanks to its improved business environment and attractive incentives under the new Moroccan Investment Charter. Free trade agreements further enhance FDI attractiveness, especially with the « Made In Morocco » designation, granting customs advantages with the European Union, the United States, and other countries.

A major hub for Chinese investments Similarly, despite an overall decline in venture capital investments across the continent in 2023, Morocco stands out in attracting new investors in strategic sectors such as automotive, aerospace, tourism, and renewable energies. It is also becoming a major hub for Chinese investments, notably with the Gigafactory in Kenitra, a flagship project worth 12.8 billion dirhams (about $1.43 billion) creating 17,000 direct and indirect jobs for battery production destined for export to Africa, Europe, and America.

Morocco is thus strengthening its stature as an attractive business destination and a key player in African economic development, while continuing to attract crucial FDI for its sustainable development and that of the continent.

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