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Morocco's Aerospace Sector Soars: Exports Projected to Hit $4 Billion by 2030
Morocco's aerospace industry is experiencing a remarkable ascent, with exports reaching $1.3 billion in the first half of 2024. This achievement positions the sector as the country's leading export performer.
In an exclusive discussion with Asharq Business, Hamid El Andaloussi, president of the industrial cluster "Midparc," announced ambitious projections for the sector. He anticipates exports will double to $4 billion by 2030. This growth is fueled by increasing demand from major global players like Boeing and Airbus.
The first half of 2024 saw a 16.5% year-on-year increase in aerospace exports, underscoring the sector's prominence among Morocco's major export industries, which include automotive, phosphates, and food processing, as reported by the Foreign Exchange Office.
Morocco's aerospace ecosystem, consisting of 145 companies, exported $2.1 billion in goods last year. Industry giants such as Airbus, Boeing, Safran, and Hexcel drive this ecosystem, establishing Morocco as Africa's top aerospace manufacturing hub.
El Andaloussi forecasts record-breaking exports of $2.4 billion by the end of 2024. This trajectory is expected to continue, bolstered by rising orders and the anticipated launch of domestic defense industry investments next year.
The aerospace sector is predicted to grow at an average rate of 15%, doubling job opportunities to 40,000 and export value to $4 billion by 2030. Over 25 years in the making, Morocco's aerospace industry now features companies adept at producing essential aircraft components, engines, and offering maintenance services.
Currently ranked 20th globally in aerospace manufacturing, Morocco boasts a local content rate of 40%. El Andaloussi attributes this success to a strong emphasis on workforce training, attracting substantial investments from France, the United States, and Canada.
Nevertheless, he stressed the importance of drawing investments from new markets, diversifying exports, and localizing the defense industry to enhance value creation.