Miami - Late in 2014 Bloomberg TV Africa’s Miranda Atty interviewed Mamoune Bouhdoud, Morocco’s Trade and Industry Delegate to discuss Morocco’s strategic economic planning for 2015. Ten months later, “Industrie Maroc” has resurfaced the video. Did the Moroccan government successfully achieve its Finance Project for 2015? You be the judge! Here are points discussed:
Miami – Late in 2014 Bloomberg TV Africa’s Miranda Atty interviewed Mamoune Bouhdoud, Morocco’s Trade and Industry Delegate to discuss Morocco’s strategic economic planning for 2015. Ten months later, “Industrie Maroc” has resurfaced the video. Did the Moroccan government successfully achieve its Finance Project for 2015? You be the judge! Here are points discussed:
According to financial reports, Morocco’s government announced a plan for the creation of 500,000 sustainable jobs. Minister Delegate Bouhdoud presents the key elements involved. First Morocco, must develop a strategy where the government follows a clear roadmap which will in effect facilitate international and national investments. Investors need a clear vision to “anticipate their territory”.
Bouhdoud further discloses some of Morocco’s advantages in 3 points.
- Morocco has an open economy with 56 FTA with different countries, and “is the only country in Africa to have an FTA with the United States”.
- It has a strong political and economic stability.
- It counts with strong infrastructure developments, such as “Tanger-Med, being the largest harbor in the Mediterranean Sea, and the Casablanca Airport connecting to more than 30 African countries”.
The Minister Delegate also highlights the importance of aeronautics and automotive for job creation and how the Kingdom plans to focus in the industrial sector in order to add half-million jobs, add 9 points to the GDP value to be in competitive levels at 25%, and zero out the economic balance.
To implement this financial project of trade and industry, main measures are established that Bouhdoud lays out:
- Higher integration rate of SMEs (small and medium-sized enterprises)
- The allocation of $2.5 billion in industrial funds (highest amount ever allowed for this sector)
- Focusing on “lends on financial sectors” and place an “offset strategy”
- Reinforcing the upward trend of automotive exports where Morocco is gaining strength
- Develop new industries within renewable energy, agribusiness and textiles
- Strengthen the partnership with OCP “Morocco’s biggest company”
As far as changes in Free Trade Agreements, Bouhdoud reiterates that the FTA signed in 2006 with the US is still in effect and has “high potential”. He supports a closer look at the FTA and taking advantage of Morocco’s geographical position which places the Kingdom at just 9 ship days from Tanger-Med to USA.
Another asset to Morocco is its knowledge on dealing with Africa, which eases trust of foreign investors. He declares Africa, “the part of the world where you have the highest return rate on your investments”. Bouhdoud also mentions China’s interest in Moroccan investments.
Miranda Atty touches on rebasing Morocco’s GDP and he says that the priority is placed in “creating added value” than into rebasing, at the moment.
Finishing up, the Minister Delegate discusses how Morocco is changing their vision to integrate the economy by giving “specific and special attention” to the growth of SMEs. Creating “a link between the big enterprises and SMEs” to further technical knowledge and boost job creation.