The Spanish Coordenadas Institute for Governance and Applied Economics, a prestigious think-tank and research center, underlined that Morocco is increasingly promoting itself as an “attractive and viable destination for international investors” seeking “solid and sustainable” growth opportunities.
In its September report, the Spanish think tank affirmed that “investment success in Morocco is based on a combination of factors such as sound government policies, progressive economic reforms, and sustained efforts to create a business-friendly environment.”
The Spanish study center added that the Kingdom has implemented “firm and ambitious strategies” to transform itself into an industrialized country while reducing its dependence on imports, pointing out that this “strategic” vision has borne fruit.
According to the same source, this industrial growth is the fruit of a series of “comprehensive measures” implemented in recent years, including expanding investment in industrial infrastructure, improving governance and public administration systems, and extending incentives and support to foreign manufacturing companies.
The Coordenadas Institute emphasized the diversification of business partners and target markets as a “key element” of this dynamic. It also affirmed that over the past year, Morocco has persevered on an ambitious path, since in the first five months of 2023 alone, the country attracted approximately 40,000 business start-up applications, recalling that the US State Department described Morocco as a “regional business center” in its July report on the world investment climate.
The Spanish institute highlighted the increase in remittances from Moroccan Expatriates (MRE) and tourism revenues, which have enabled the Kingdom to boost its foreign exchange reserves in a “difficult global context.”
“The tourism sector is recovering with an exceptional rise in revenues, estimated at 170.8%,” affirmed the Spanish think tank, adding that “tourism receipts, set at MAD 34.6 billion in 2021, have reached MAD 93.6 billion in 2022, surpassing the pre-pandemic level (MAD 78.7 billion in 2019).”
The Spanish think tank also added that “tourism, as one of the pillars of the Moroccan economy, with a 7% contribution to gross domestic product (GDP), is at the center of a new strategic roadmap worth MAD 6.1 billion spanned over four years,” stressing that this roadmap aims to attract 17.5 million tourists a year and generate MAD 120 billion in revenue by 2026.
“During these uncertain times, the dual attraction of investment and tourism establishes Morocco in a good position to pursue its particular roadmap towards the complete modernization of its economy,” concludes the Spanish think tank.
