Africa

Morocco becomes Africa’s new automotive manufacturing hub

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Morocco becomes Africa’s new automotive manufacturing hub

All these achievements have made Morocco a prosperous and secure environment for business.

PRETORIA, South Africa, October 13, 2021 / APO Group / –

Morocco is currently the leading manufacturer of passenger cars in Africa. Morocco overtook South Africa as the continent’s largest passenger car exporter with $ 7 billion (MAD 65.1 billion) in auto industry exports at the end of 2018.

The Moroccan automotive industry is growing exponentially every year with car sales exceeding 160,000 units in 2021 and creating more than 220,000 direct jobs.

According to several international experts, the Moroccan automotive industry is expected to contribute up to 24% to Moroccan GDP by 2022.

From 2021, new passenger cars (PCs) recorded an increase of + 10.77% with 115,611 units sold, making Morocco a leading automotive manufacturing hub in Africa.

Despite the aftermath of the COVID-19 crisis, the industry has gradually recovered this year, selling around 400,000 cars in Europe, with France, Spain, Germany and Italy among its top exporters.

The Financial Times reported that Marc Nassif, managing director of Renault in Morocco, the country’s largest automaker, said local suppliers provide the French automaker with automotive components for its vehicles, such as seats, axles and wheels. ‘other essential parts. He estimated that local components make up 60% of the final product and predicts that number will rise to 65% in the near future.

Regarding the country’s infrastructure, the Moroccan government allocated $ 7.76 billion (MAD 69 billion) in 2015 to the development of infrastructure in the southern landscape of Morocco, including roads, universities, airports, hospitals, etc.

The recent Tangier-Casablanca high-speed train project, a $ 4 billion (MAD 36 billion) investment that has made Morocco’s infrastructure more modern and efficient in recent years, is also a major development for Morocco. country’s infrastructure industry.

With government incentives and the rapid implementation of foreign investments in Morocco, financial experts anticipate growth in the automotive sector of $ 14 billion (126 billion dirhams) over the next five years.

The Moroccan automotive sector at Expo 2020 Dubai

The General Confederation of Moroccan Enterprises (CGEM) and the Moroccan Agency for the Development of Investments and Exports (AMDIE) organized the “Morocco Week” in Dubai as part of Expo 2020 Dubai, from October 10 to 16 .

Moroccan public and private operators were present with the main aim of promoting Morocco to foreign investors by highlighting the Kingdom’s potential as a global investment hub.

CGEM President Chakib Alj said Morocco’s political stability and geographic location have played a key role in attracting foreign investment, making the North African country the second most important investment destination. attractive, behind Egypt and ahead of South Africa, Kenya and Rwanda.

With more than 60 free trade agreements signed with Europe, the United States, Turkey, the United Arab Emirates and elsewhere, Mr. Alj highlighted the competitiveness of Morocco and its massive efforts in infrastructure and automotive to become an essential gateway to Africa. He stressed that “All these achievements have made Morocco a prosperous and secure environment for business.”

At the event in Dubai this week, Morocco introduced foreign investors to the main features of the New Development Model (NDM). With the aim of illuminating a greater perspective for the future, the Kingdom will soon be implementing the NDM framework to expand its economic growth and investment opportunities in various sectors, especially in renewable energies.

Mr. Alj insists that “by choosing Morocco, an investor chooses growth, innovation, visibility, stability”, adding that “[The investor] is also choosing to access a growing continent with a promising future ”.

During the “Semaine du Maroc”, the organizers organized a seminar to highlight the Moroccan industrial sector.

Moroccan and foreign participants said that Morocco’s industrial sector “has achieved remarkable success that has exceeded all expectations”, making Morocco a leading destination for its national industrial fabric.

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