New York - Morocco has become a continental hub where international presence is growing in many economic sectors.
New York – Morocco has become a continental hub where international presence is growing in many economic sectors.
According to L’Economiste, international trade between Morocco and Austria has experienced a great increase within the last two years.
In general, Austrian companies are rare in Morocco. Nanette Weizsäcker-Chaqri, Project and Market Development Director at the Austrian Embassy in Morocco stated that, “Austrian companies tend to invest in English-speaking countries and Eastern Europe.”
However, many Austrian companies have chosen Morocco to open new plants and franchises, such as Hirshmann Automotive, Swaroski, Red Bull, and Power Horse, among others.
According to the same source, since 2012 Austrian imports to the Kingdom have increased by 30% with more than half of them coming from industrial machinery and advanced equipment.
Morocco also imports Austrian cranes, paper, wood, transport and railway equipment.
The value of these Austrian products have increased and surpassed EUR 116 million, with a small drop of 0.7% in the first half of 2014.
On the other hand, Moroccan exports to Austria totaled EUR 128 million in 2014. Exports registered a growth of 15.2% in the same year, mostly from food products, such as tomatoes and strawberries, as well as in the automotive industry with companies like Dacia.
The Federal Economic Chamber of Austria in Morocco focuses on boosting both countries’ economies by bringing investors into the Austrian Moroccan market.