This year, Morocco will become the sixth largest economy in Africa and the third largest among Arab countries on the continent.
According to the International Monetary Fund (IMF), Morocco is expected to become the sixth largest economy in Africa and the third largest among the Arab countries on the continent by the end of 2024. With a gross domestic product (GDP) estimated at $157 billion for this year, the country is consolidating its place among the leading African economies, just behind giants such as South Africa and Nigeria. These countries, in first and second place respectively, are forecasting a GDP of $401 billion, thanks in particular to abundant natural resources, such as gas for Nigeria.
According to a recent report by the Rand Merchant Bank (RMB) titled “ Where to invest in Africa in 2024 “, Morocco has established itself as a preferred destination for investments.
The country has managed to climb to fifth place in the ranking of investment destinations in Africa, a performance attributed to its economic stability, growing technological innovation and strategic geographical location at the crossroads of Europe and Africa. This position gives it a major advantage in terms of logistics and trade, making it even more attractive to foreign investors. Only South Africa, Egypt, Seychelles and Mauritius are currently ahead of it in this ranking.
Despite global economic challenges and growth slowdowns, Morocco also stands out for its ability to reach related markets through the African Continental Free Trade Area (AfCFTA). This area, considered one of the largest trade agreements in the world, opens doors to a market of more than 1.2 billion African consumers. Thus, foreign companies benefit from simplified access to the entire African territory by setting up in Morocco, positioning it as an essential hub for business on the continent.
One of the key sectors illustrating this dynamic is the manufacturing sector, which has experienced strong growth. The automotive industry, for example, has developed on an impressive scale, with global brands choosing Morocco as their production base. This industrial dynamism is supported by free zones and modern industrial parks, where the state is setting up cutting-edge infrastructure to attract investors and boost local employment.
Furthermore, the renewable energy sector represents a prime investment opportunity. Morocco has been recognized as an African leader in this field, notably with flagship projects such as the Noor Ouarzazate solar complex, one of the largest in the world. The country is targeting a significant share of its energy coming from renewable sources in the coming years, demonstrating a clear commitment to sustainability. This creates a fertile environment for investment in green technologies and associated industries.
In the tourism sector, Morocco is banking on its rich cultural heritage and spectacular natural sites to attract constant flows of tourists from all over the world. This sector also offers multiple investment opportunities, from luxury hotels to local sustainable tourism initiatives, helping to further diversify the economy.
Moreover, Morocco’s digital transformation is opening up new investment opportunities. The country has made great strides in internet connectivity and digital services, fostering the growth of technology startups and attracting significant investments in fintech, telecommunications and e-commerce.
MN/te/Sf/APA
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