Morocco plans to “conquer new markets and industry sectors” through its 2021-2023 Industrial Recovery Plan.
Minister of Industry Moulay Hafid Elalamy announced the economic plan on Thursday, September 24. The minister’s presentation included three main projects to help Morocco’s industry sectors recover and reach new heights after the COVID-19 pandemic.
The first project aims to confirm Morocco’s industrial position on the international level and to “conquer new markets and industrial territories.” To do so, Morocco will prioritize local products in the majority of its public procurement deals.
The second initiative is to improve Morocco’s competitiveness through strategic industrial projects. The meticulously-selected investments would make Morocco the most competitive industrial hub for European countries.
Finally, the third project aims to make Morocco a model for low-carbon industry through mobilizing its renewable energy resources and projects.
The three axes will significantly improve Moroccan industry over the next three years, Elalamy said.
The 2021-2023 Industrial Recovery Plan, according to the minister, will make Morocco’s industrial sectors more integrated and create new jobs. It is also set to promote a new generation of industrial entrepreneurs who develop partnerships with international stakeholders.
After recalling the Moroccan industry’s mobilization against the COVID-19 pandemic, Elalamy presented assets that can allow Morocco to succeed in its recovery phase.
Proximity to major consumer markets, such as the European Union, strong logistical infrastructure, and free trade agreements were among the strengths that Elalamy mentioned.
According to the minister, Morocco has the potential to access new markets of over one billion consumers.
Elalamy also highlighted Morocco’s competitive renewable energy potential, qualified and flexible workforce, and consistent infrastructure development projects.
Regarding the state’s contribution to the industrial program, the minister announced future financing programs aiming to encourage projects that have a high export potential.