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Rabat – After being Morocco’s largest foreign investor for more than a decade, France dropped to second place in the first half of 2022, as the United States is now the largest foreign investor in the country’s economy.
According to data from the country’s foreign trade watchdog, the Exchange Office (OE), Morocco welcomed MAD 6.3 billion ($578 million) in investments from the US in the first half of 2022, compared to MAD 5.6 billion ($513.7 million) from France.
Over the past decade, US Foreign Direct Investments (FDIs) in Morocco have been on a steady increase, going from MAD 1.5 billion ($214 million based on the then exchange rate) at the end of 2007 to MAD 6.3 billion ($578 million) in only the first half of 2022, OE data indicates.
By sector, Morocco’s industry sector attracted the largest volume of foreign investments with nearly MAD 10 billion ($917.4 million). The real estate sector came in second attracting a volume of investment set at MAD 3.1 billion ($284.4 million).
Historically, France has been Morocco’s de facto business partner, with the EU currently being the largest trade partner of the North African country. However, in recent years, Morocco has actively worked to diversify its base of international partners.
In 2020, Morocco first revealed its investment brand dubbed “Morocco Now” at the Dubai Expo. The brand has since been displayed in countries like the UK, India, and Japan, with the aim of attracting more diverse investors.
Attracting foreign investment is at the heart of Morocco’s socio-economic development strategy. The country counts on foreign investments to boost employment and diversify the economy away from agricultural activities.
Read Also: Foreign Direct Investment in Morocco Rose by 43% in 2021
