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Join on Telegram Rabat – Morocco’s Ministry of Foreign Affairs officially unveiled the country’s investment and export brand “Morocco Now” on October 10, on the sidelines of the kingdom’s participation in Expo 2020 Dubai.
The North African country’s participation in Expo 2020 Dubai shifted its focus on introducing its investment and tourism potential, as well as its globally competitive sustainable, flexible, and dynamic business environment for foreign investors.
According to the ministry’s statement, Morocco has built first-class trade and transport infrastructure – namely Tangier Med, the first maritime connection in Africa and the Mediterranean – and has embarked on the path of industrial emergence over the past 20 years.
Imad Bergad, Chairman of the Management Board of the Moroccan Agency for Tourism Development (SMIT), said in a statement to Emirati news outlet Al Ittihad that Morocco’s keenness to participate in a distinguished pavilion at Expo 2020 Dubai embodies “the depth of the strong brotherly relations that the kingdom has with the UAE.”
The investment platform offers its visitors 14 different experiences to learn about the diverse cultural and civilizational heritage of Morocco, as well as its growing infrastructure, tourism, agriculture, energy, and renewable energy sectors.
The Moroccan delegation that unveiled this new identity confirmed the mobilization and commitment of all public and private stakeholders, for the success and sustainability of the national investment and export brand.
During one of the seminars held at Expo 2020 Dubai, Youssef El-Badri, Director of the Moroccan Agency for Investment and Export Development (AMDIE), spoke at length about the many benefits that Morocco’s investment environment provides to foreign investors.
He said that the country continuously updates investment-related legislation to reaffirm its readiness to welcome and promote foreing investments investors in a wide range of sectors.
El-Badri also pointed out that Morocco’s “new government has an ambitious vision and a new strategy to reinforce investments in the region and to increase its exports,” especially exports in value-generating sectors such as the automotive and aerospace industries.
Many observers have spoken approvingly of the new government’s apparent support for business and economic-related industries, and Al-Badri stressed that such support is needed “to ensure the necessary cooperation within a realistic step paving the way for competitive, interactive, and sustainable investment.”
While the global economy has witnessed a massive recession due to COVID-19 pandemic, the newly launched brand is also set to respond to global challenges by adopting new regulations for carbon-free production.
Morocco Now’s essential assets
The brand offers four distinctive assets, NOW Sustainable, NOW Competitive, NOW Well-Proven, and NOW Agile.
The first asset focuses on reaching 52% of the energy mix with renewable energies by 2030, while the second asset offers the “Best Cost” option – based on competitive production and export costs. It builds on privileged access to more than 1 billion consumers thanks to 54 free trade agreements and being the gate to Africa’s rapid growth potential.
The third asset shows a successful track record of implementing foreign investments in strategic and technical sectors as well as records of delivering mega infrastructure projects, notably by boosting youth’s competitiveness and skills.
The last asset demonstrates Morocco’s ability to manage the COVID-19 crisis through the rapid reallocation of industrial tools to health equipment and quickly implementing vaccination campaigns throughout the country, paving the way for a rapid economic recovery.
Morocco’s outstanding economic performance
The ministry’s statement further praised Morocco’s automotive cluster, which is experiencing the fastest growth globally and is highly stimulating the growth of the Moroccan industrial exports that have increased by more than MAD 150 billion ($16 billion) in the last decade.
The Association of vehicle importers automobiles in Morocco (AIVAM) recently released statistics highlighting the rapid growth of the Moroccan automotive industry, which has increased by 12.64% as of September 2021.
King Mohammed VI also stressed Morocco’s encouraging economic performance in a recent speech. The King pointed out that the country’s economy has seen tangible and globally recognized progress, and is expected to achieve a growth of 5.5% in 2021 despite the unprecedented effects of the COVID-19 crisis.
Additionally, Morocco’s favorable economic climate enabled the country to rank second among the best investment destinations in Africa.
As of August 2021, Foreign Direct Investments (FDI) and remittances from Morocco’s diaspora rose by 16% and 46% respectively.
Meanwhile, the World Bank recently applauded Morocco’s effort to create an outstanding agricultural campaign that helped in increasing the country’s real GDP growth to 5.3% in 2021.
