Bordeaux - The Kingdom's appeal as one of Africa’s top business destinations helps explain its stability when its neighbors were shaken by violent uprisings.
Bordeaux – The Kingdom’s appeal as one of Africa’s top business destinations helps explain its stability when its neighbors were shaken by violent uprisings.
The Moroccan aeronautical industry is believed to have played a major role in the country’s steadiness, especially thanks to the hundreds of millions of dollars that were invested in the sector., according to British expert Since 2010, American and European aeronautical companies largely contribute to this development, but measures at the national level also explain this success, he said.
Morocco hosts more than 100 international companies, including The Boeing Company, Bombardier Inc. and United Technologies Corporation. In addition, the country’s education system supports the burgeoning sector, with more than 10,000 engineers graduating every year according to Minister for Industry, Trade, Investment and Digital Economy Moulay Hafid Elalamy.
This number is expected to grow dramatically after the government established the Moroccan Aerospace Institute, which opened in May. 10,000 Moroccans benefit directly from this success since they are employed by the country’s aerospace industry, which has doubled in size in less than five years. These employees also earn about 15 percent above the average national monthly wage of $320, according to the Moroccan Ministry of Industry.
Morocco’s success is also a result of the US aeronautical business shrinkage. Boeing, for example, could take future manufacturing out of America to either the Mideast or Africa after the International Association of Machinists rejected a proposal to start a pensions freeze and a reduction in starting salary for new workers, according to the same expert.
“In my view, we are very much able to support such development if Boeing wanted to bring their plants here, Elalamy was quoted as saying by the International Business Times, and the government along with my department will spare no effort to promote and develop industries including aerospace and we will do everything possible to make sure that Boeing is satisfied should they decide to open up more plants in Morocco.”
The social reforms undertaken by Morocco since the early 2000s have reduced poverty and increased human development, according to the Minister of Economy and Finance, Mohamed Boussaid. This brought security into the region and a boom in foreign investment, which has risen by 25 percent in the first 10 months of this year, the highest rate of increase in investment on the entire continent.
Morocco, unlike countries that were affected by the Arab Spring, continues to implement sweeping political and educational reforms. These reforms secures the country’s position as a desirable place to do business. On Friday, King Mohammed VI met with US President Barack Obama and discussed the business links between the countries. The United States has long counted Morocco as an ally and both countries strengthen their partnership in the war against terror that has seeped into sub-Saharan Africa.
©Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributed