New York - Morocco is on its way to becoming a main gateway to Africa due to its strong economic ties with the African continent, according to the Oxford Business Group’s 2015 report.
New York – Morocco is on its way to becoming a main gateway to Africa due to its strong economic ties with the African continent, according to the Oxford Business Group’s 2015 report.
The British company’s current report noted that Morocco’s overall trade with Africa is in its developmental phase and rapidly expanding, while Europe remains Morocco’s main trading partner.
Moroccan economy showed a steady growth, primarily due to the launch of new markets in sub-Saharan Africa explored by the country’s private sector.
According to OBG, Morocco has greatly benefitted from foreign investments, which have doubled since 2011.
Another benefit to the country’s economic growth has been the increase of value in Moroccan exports and the decline in oil prices, which allowed the government to reduce the trade deficit by 6.2 percent in 2014, the OBG reported.
The transport sector in Morocco has undergone a vast development with the construction of new highways across major cities, the installment of railways and the increase in commercial air transport.
The plans for structural expansion of the Tanger-Med port will allegedly facilitate the handling of cargo and new logistic and management areas, the OBG said.
Morocco’s plans to attract more tourists and the increase of air traffic coupled with the surge of airline schedules connecting the nation’s major cities to other parts of the world, including the African continent, confirms Morocco as a continental gateway.
The global leader in business intelligence group shed light on Morocco’s manufacturing sector, which has shown a massive growth in recent years, namely in the automotive and business aviation industries.
The establishment of more than 100 global companies in Moroccan territory thanks to its convenient geographical location plays an important role in the continental trade among growing African markets.
The OBG’s 2015 report noted that manufacturing production in the North African nation rose in an average of 8 percent annually since 2012, aided in part by the Moroccan government.