Morocco relies on industrial sector, tourism for full economic recovery

Morocco is seeking to get out of the current economic crisis by stimulating productive economic sectors, such as aviation, automobiles, and tourism.

Due to the international rise in prices and ongoing inflation, the Moroccan economy is struggling to recover from the COVID-19 pandemic’s repercussions.

The Kingdom’s strategy is heavily focused on attracting foreign investors and launching incentivizing offers, as demonstrated by Morocco’s recent business exposition in Geneva.

Morocco is also betting on the automotive and aircraft sectors in order to undercut the heavy losses of the domestic crisis, especially at the level of export and the cost of production.

The impact of the pandemic did not stop on the car import activity but extended to the import sector of spare parts and vehicle parts, which in turn decreased by about 16%.

Auto parts imports decreased from MAD 18.76 billion in 2019 to MAD 15.9 billion last year.

Morocco’s qualified, cheap, and trained engineers are capable of creating a competitive and innovative atmosphere, which the Kingdom is aiming to employ as a key investment.

Morocco is among the three top destinations with regard to the automobile industry, after India and China. The government is working on making the Moroccan offer more attractive to international sector giants and investors, by highlighting the achievements made in the sector thus far.

Geopolitical shifts in the international arena are also a golden chance for the country to present as an alternative manufacturer in the region.

In addition to the industrial sector, the government is aiming for a full recovery within the tourism sector, heavily financed and advertised internationally.

The tourism and handicraft sectors contribute 11% to Morocco’s gross domestic product, a share well on its way to improving thanks to Moroccan airports reaching pre-pandemic activity levels this early on 2022.