Morocco, four other countries attract 88% of total MENA foreign investments

Morocco, alongside Egypt, Qatar, Saudi Arabia, and the United Arab Emirates have attracted a sum of nearly $176.1 billion in investments throughout 2022, showed a recent report by the Dutch organization Fanack.

This figure represents a staggering 88 percent of the total investment volume garnered by the MENA region, overshadowing other Arab nations whose combined share amounted to a mere 12 percent.

The report underscored Morocco’s position as a significant investment magnet, securing the third spot in North Africa and the Middle East, trailing only Egypt and Qatar.

The North African nation managed to draw in approximately $15.3 billion in foreign direct investment during 2022. These investments are a testament to Morocco’s ongoing efforts since 2010 to transition into an industrial powerhouse, curbing its reliance on imported goods.

As the year 2023 unfolds, Morocco’s ascent in the manufacturing sector becomes even more evident. The country has soared to the top rank within Africa, boasting the highest share of added value in manufacturing on the continent.

This industrial boom has been fueled by an array of strategic measures implemented in recent years, including expanded investments in industrial infrastructure, robust governance systems, and improved public administration.

Foreign manufacturing companies have found Morocco’s incentives and facilitative environment irresistible. These factors have not only bolstered Morocco’s industrial surge but have also facilitated the annual integration of new production lines for prominent foreign industrial giants.

These new lines span key sectors such as automotive, aircraft parts, fertilizers, electrical and electronic equipment, and renewable energy products.

Economist Omar El Kettani lauded in a statement to Hespress AR Morocco’s strides in foreign investment attraction, highlighting its successes compared to neighboring countries.

He emphasized that these investments are pivotal in infusing advanced technology and honing the skills of the Moroccan workforce, particularly in aircraft and car parts manufacturing.

However, Kettani issued a cautionary note, urging Morocco to ensure that the nation’s economy doesn’t become a mere rental space for foreign entities. He called for a balanced approach that emphasizes qualitative growth alongside quantitative gains.