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Rabat – Morocco’s foreign direct investment (FDI) reached MAD 16.3 billion (approximately $1.6 billion) in the first nine months of 2024, marking a significant 50.7% year-on-year increase, Prime Minister Aziz Akhannouch announced on Monday.
Addressing the House of Representatives during a parliamentary session focused on foreign trade, Akhannouch attributed this growth to Morocco’s new investment charter and recent efforts to position the country as a regional leader in high-value industries.
The prime minister reflects on the importance of Morocco’s new investment charter, which has drawn increased investor interest and facilitated several agreements in advanced industries.
One notable project involves the three-billion-dirham (approximately $294 million) electric battery manufacturing plant in Kenitra, the first of its kind in Morocco. This initiative is set to create over 2,500 jobs, solidifying Morocco’s ambition to become a regional hub for sustainable technology.
Beyond this project, Akhannouch highlighted an agreement with an international partner to establish Africa’s first electric vehicle battery and energy storage factory in Morocco, a venture projected to attract around MAD 65 billion (approximately $6.4 billion) in investment and create 25,000 direct and indirect jobs.
The green hydrogen sector also remains a top priority for the government, with Akhannouch citing the recently launched “Green Hydrogen Morocco Offer.” This initiative aims to position Morocco as a global player in sustainable energy through competitive incentives for foreign and domestic investors.
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Since the program’s formalization in March, the Moroccan Agency for Sustainable Energy (MASEN) has received nearly 40 applications from international entities, spanning regions from Europe and the Americas to Asia and Australia, primarily focused on projects in Morocco’s southern provinces.
“This level of engagement demonstrates the confidence international investors have in Morocco and the promising opportunities in our energy sector,” Akhannouch stated, emphasizing Morocco’s strategy to anchor its economy on sustainable industries.
The prime minister also discussed Morocco’s broader economic outlook, highlighting the government’s recent reforms aimed at expanding foreign trade and fostering Morocco’s role as a platform for regional and global partnerships.
These measures have contributed to Morocco’s resilience amid global economic fluctuations, he noted, supporting a stable growth rate of 3.4% in 2023 and a significant drop in inflation to 1.1% during the first nine months of 2024.
