Rabat – The value of Moroccan exports has increased by more than 50% in the past six years to MAD 290 billion ($ 29.5 billion) from MAD 190 billion ($ 19.3 billion).
The growth in export activities is the result of Morocco having signed 53 trade agreements with 100 countries, Minister of Industry and Commerce Ryad Mezzour said on Tuesday during a parliamentary session.
When welcoming foreign goods, Morocco assesses the products to make sure they meet the country’s quality standards, Mezzour added. Local authorities conducted 125,000 quality control visits in 2021, Mezzour said.
Morocco has been working on reducing its reliance on imports for about a year and a half by substituting imported goods and services with locally produced products, noted Mezzour.
The country announced on Tuesday the launch of 900 business projects that are expected to create 80,000 direct jobs and 120,00 indirect jobs and should help reduce Morocco’s import reliance.
This measure comes as the result of an ongoing increase in Morocco’s trade deficit that grew by 57% between February 2021 and February 2022.
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To boost local production, Morocco has launched numerous programs to support young entrepreneurs, among them is the Forsa (chance) program.
The Moroccan government opened applications for the program on April 7.
Forsa is set to train and finance 10,000 Moroccan entrepreneurs aged between 18 and 35. It will provide them with MAD 100,000 ($ 10,170) loans with zero interest rates and a payment period of a maximum of 10 years.
Morocco has additionally worked on attracting foreign investors to boost the sectors of agriculture, agribusiness, energy, education, health care, and tourism, among others.
These sectors have been central in most of the bilateral cooperation agreements between Morocco and its partners, particularly in Europe and Africa.
These agreements, combined with Morocco’s industrial infrastructure, skilled labor force, and administrative and financial incentives have attracted numerous foreign investors to the North African country.
Foreign direct investments in Morocco grew by 14.9% and reached MAD 710 million($74 million) in January 2022, up from MAD 618 million ($64.4 million) in January 2021.
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