Economy

Morocco Emerges as a Regional Economic Powerhouse

Tuesday 30 January 2024 - 07:37

Minister Delegate Mohcine Jazouli recently highlighted Morocco's ascent as a leading regional economic force, showcasing a modern and highly diversified economy. Speaking at a business forum in Barcelona on Monday, Jazouli accentuated Morocco's world-class infrastructure, exemplified by the Tangier Med port, Africa's largest container facility. Additionally, he emphasized the country's skilled young workforce, well-prepared to meet evolving labor demands.

Mohcine Jazouli noted that Morocco, with over 50 free trade agreements, offers access to a consumer market of 2.5 billion people. While reinforcing traditional industries such as agri-food, pharmaceuticals, and tourism, Morocco has also made significant strides in emerging sectors like automotive and aerospace.

"Pioneering the green transition, Morocco stands as the leader in renewable energy production in Africa," asserted Mohcine Jazouli. Geographically positioned between the Mediterranean and Atlantic, Morocco is strategically positioning itself as a regional investment hub and a gateway to Africa.

Explaining Morocco's new development phase, Jazouli highlighted the emphasis on private investment for quality growth and job creation, as outlined in last year's Investment Charter. The charter aims to enhance the business climate and provide support for investors.

Mohcine Jazouli expressed Morocco's readiness to transform challenges into opportunities by leveraging global supply chain shifts and embracing decarbonization.

Turning attention to economic ties between Morocco and Spain, particularly Catalonia, Jazouli pointed out their expanding collaboration. Catalonia, with its robust and diversified economy, plays a pivotal role in driving Spain's overall development. The Port of Barcelona complements the region's companies across various sectors, including automotive, agri-food, pharmaceuticals, and renewable energy.

Jazouli highlighted the significant growth in bilateral trade over the past two decades, with a fivefold increase. Notably, trade volume between Morocco and Spain, exceeding €20 billion for the first time, has surged by 40% since the implementation of a joint roadmap in 2022.