Marrakech-Safi: Defying Global Economic Headwinds with a Surge of Investments
In the face of challenging global economic conditions, Morocco's Marrakech-Safi region exhibited remarkable resilience in 2023, maintaining robust economic growth throughout the year.
The region experienced a staggering influx of investments, surpassing 119 billion Moroccan dirhams, marking a remarkable 570% increase from 2022. Notably, the Regional Unified Investment Commission approved more than 500 projects in 2023, more than double the preceding year, contributing to a 40% increase in newly created jobs, totaling 24,000.
The surge in investments can be attributed to major infrastructure megaprojects and advantageous free trade agreements that afford Morocco prime access to European, North American, African, Gulf, and Middle Eastern markets. As a result, Marrakech-Safi is consolidating its competitive and attractive position as a premier investment destination.
National strategies, such as the Private Investment Development Strategy, National Pact for Investment, a new Investment Charter, and a business climate roadmap, have instilled confidence among investors. Ongoing reforms are streamlining procedures, enhancing transparency, expediting processing, upgrading Regional Investment Centers, and ultimately fortifying Morocco's business climate.
The driving force behind the economic boom in Marrakech-Safi in 2023 was the energy and mining sector, encompassing not only resource extraction but also value-added activities.
Mohamed Amine Sabibi, Acting General Manager of the Marrakech-Safi Regional Investment Center, highlighted the ambitious development program of the OCP Group. This program includes expanding production capacity and implementing sustainability initiatives such as seawater desalination and renewable energy plants. Sabibi also underscored regional mining opportunities, such as the gypsum ecosystem in Safi Province, where multiple construction material companies have received support from the investment center.
In the realm of renewables, new wind farms, including the Maâchate wind farm in Safi, will come online between Essaouira and Safi. These projects aim to bolster renewable energy production, enhance the region's industrial competitiveness, and attract manufacturers.
A compelling testament to the area's investment appeal is the Nexans Group's commitment to establishing a wire and cable manufacturing facility in Safi, with an investment exceeding $100 million. This facility is poised to cater to export markets, further solidifying Marrakech-Safi's standing as a flourishing hub for international investments.