Rabat - Thanks to its investment promotion policies, Morocco secured the third spot on the list of Arab countries attracting the highest volume of foreign direct investments in 2022, according to a report from Fanack, a media organization.
According to data from the Arab Corporation for the Guarantee of Investment and Export Credit cited in the report, Morocco amassed $15.3 billion in foreign direct investments at the end of 2022.
With this figure, Morocco joined the list of the top five countries that attracted 88% of investments flowing into Arab countries.
The list included Egypt, Qatar, Morocco, Saudi Arabia, and the United Arab Emirates.
The report explains that in Morocco, unlike Egypt and Qatar, the outstanding performance in foreign investments is not the result of recent political shifts or extraordinary events, but of Morocco’s long-standing strategy that started in 2010 and aims to turn the country into an industrial hub and reduce reliance on imports.
This year, Morocco is a continental leader in terms of the contribution of the manufacturing sector’s added value. The surge in industrial growth can be attributed to a broad spectrum of initiatives enacted in recent years.
The measures encompass the expansion of investments in industrial infrastructure, improvements in governance and public administration systems, as well as the extension of incentives and support to foreign manufacturing enterprises.
The positive momentum enabled Morocco to consistently draw in additional production lines from prominent foreign industrial companies.
The sectors include automotive production, aircraft components, fertilizer production, clothing manufacturing, electronics, and renewable energy product development.
In 2022, Morocco sustained the upward trajectory, receiving an impressive 40,000 applications for new company establishments in just the first five months.