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Morocco’s industrial exports hit $43.8 billion milestone in 2024
Morocco’s industrial sector has achieved remarkable growth, with exports surpassing MAD 398 billion ($43.8 billion) in 2024, accounting for 88% of the country’s total exports. Minister of Industry Ryad Mezzour highlighted this achievement during a discussion session on “Macroeconomic Policies, Investment Climate, and Employment Dynamics in Morocco.” The event was part of a national conference organized by the House of Councillors to evaluate public policies on investment and employment.
Surge in foreign direct investment
Foreign direct investment (FDI) in Morocco’s industrial sector has tripled in the past decade, reaching MAD 16.5 billion ($1.8 billion) in 2024. This reflects growing international confidence in Morocco as a prime investment destination. Mezzour emphasized that the country’s strategic macroeconomic policies and industrial development have attracted significant global interest, further positioning Morocco as a competitive hub.
Focus on automotive growth
Morocco’s automotive industry continues to be a key driver of industrial growth. The country currently produces 700,000 vehicles annually, aiming to reach one million by the end of 2025. Additionally, production of electric vehicles is expected to reach 107,000 by the same year. Between 2014 and 2018, the automotive sector created approximately 116,000 jobs, solidifying Morocco’s position as Africa’s leading automotive manufacturer.
Strategic investment for development
Economic experts, including Mohamed Taamouti of Bank Al-Maghrib, highlighted Morocco’s commitment to investment, which accounts for about 30% of its GDP, compared to a global average of 25.2%. This investment focus has significantly enhanced the country’s economic and social infrastructure.
Adil Hidane, Director of Studies and Financial Forecast, stressed the importance of a stable business climate for sustainable growth. He credited the leadership of His Majesty King Mohammed VI for prioritizing industrial expansion and creating a favorable investment environment.
Looking ahead
Morocco’s industrial achievements underscore its strategic role in global markets. With a clear focus on expanding key sectors such as automotive manufacturing and maintaining a robust investment climate, the country is poised to continue its trajectory of economic growth and global competitiveness.
