Morocco has all the assets to become a low-carbon and competitive industrial platform, Regional Director of the International Finance Corporation (IFC) for North Africa and Horn of Africa, Cheick-Oumar Sylla, said.
“We are convinced that Morocco can become a low-carbon and competitive industrial platform connecting Europe, Africa and the United States thanks to its strategic geographic location,” Sylla underlined in an interview with MAP.
The Kingdom is already a prime destination for multinationals in key sectors such as automobiles and aeronautics and it has managed to attract foreign investments in various areas, such as finance, fertilizers, manufacturing industry and agriculture, thus creating competitive industrial ecosystems that are integrated into global value chains, Sylla noted.
He underlined that Morocco has recorded steady growth in foreign direct investments, with an increase of 22% from 2020 to 2022, at a time when foreign direct investments have experienced a global decline of 24% over the same period, according to OECD.
“Morocco is already the second largest continental investor in Africa. As part of our strategy in Morocco, we also support the expansion of Moroccan companies on the African continent,” the official said, noting that the IFC supports Moroccan economy’s key sectors in Africa, through partnerships with flagship Moroccan banks such as BCP, Attijariwafa Bank and Bank of Africa, but also industrial companies such as OCP, CIMAF or Dolidol.
“We aspire to consolidate Morocco’s role as a leading destination for multinationals wishing to shorten their supply chains and help attract international private investment to support Morocco’s major projects,” said the regional director.
On this occasion, he hailed the important reforms undertaken in Morocco to promote the private sector, a driver of job creation and sustainable and inclusive economic growth.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.