Foreign direct investment (FDI) in Morocco recorded net revenue of 16.3 billion dirhams in the first nine months of 2024, Head of Government Aziz Akhannouch told the House of Representatives on Monday.
Speaking at the monthly question session on “the centrality of the foreign trade sector in the development of the national economy,” Akhannouch noted that these revenues saw an increase of 50.7% compared with the same period last year, “which saw a drop in revenues, as did all countries in the world, particularly African countries”.
He added that this FDI, announced in recent months, is a real force of attraction for foreign investors, especially thanks to the soon-to-be New Investment Charter. He noted that it is “a strategic choice which resulted in signing several important investment agreements, notably the electric battery manufacturing ecosystem, the first of its kind in Morocco.”
An investment valued at 3 billion dirhams, this project should contribute to the creation of over 2,500 job opportunities, the head of government noted.
Similarly, he recalled that the government had signed a memorandum of understanding with an international player for the creation of Africa's first factory for the production of electric car batteries and energy storage systems in Morocco, with an investment amounting to MAD 65 billion, adding that “this will contribute to the creation of 25,000 direct and indirect jobs, which highlights the Kingdom's leadership and positioning in the automotive industries”.
In view of Morocco's regional and international influence in this field, Akhannouch continued that ”the government is determined, under the wise leadership of His Majesty King Mohammed VI, to continue promoting the green hydrogen sector, which will strengthen the Kingdom's position as a world leader in sustainable energy and an essential lever for the creation of wealth and employment opportunities.
He emphasized that the government had launched Morocco's Green Hydrogen Offer, a competitive and stimulating offer in this field, with a global and transparent approach and a clear vision for investors. Akhannouch pointed out that since issuing the circular implementing “Morocco's Offer” last March up to last week's meeting of the Steering Committee, the Moroccan Agency for Sustainable Energy (MASEN) had received almost 40 applications from all over the world (America, Europe, Asia, Australia and Morocco too), last week's meeting of the Steering Committee, the Moroccan Agency for Sustainable Energy (MASEN) received some 40 applications from all over the world, covering in particular the Kingdom's Southern Provinces.
“This is conclusive proof of the sector's promising prospects and of Morocco's great trust in foreign and Moroccan investors in this field.” he enthused.
In addition, Akhannouch noted that “the progress made over the past two years reflects the overall transformation of the national economy, and the natural outcome of continuous efforts made by the government to address issues of development and sustainable growth. However, the real challenge remains to achieve a strong outcome, particularly in strategic sectors, once the government has established the basic elements for building the Kingdom's foreign trade on solid, sustainable bases.”
He further pointed out that Morocco is a true model in terms of attracting FDI “as since the government was sworn in, we have worked to define priorities and programs aimed at promoting the industrial sector, particularly value-added industries.”
