2023-04-30 19:58:50
By Fatine El Fatini
Promoting the investment climate is Morocco’s major objective. In this sense, the kingdom has put in place a range of strategies aimed at strengthening its attractiveness as well as promoting foreign investment. Actions that have enabled Morocco to position itself as the 2nd most attractive African country for investors according to Kearney’s latest foreign direct investment confidence index 2023 “FDI Confidence Index”.
Morocco is part of a trajectory that places investment at the heart of the New Development Model. Thus, multiple reforms and initiatives have been undertaken by the government to create a more favorable business environment and make the kingdom an attractive destination for foreign direct investment (FDI).
With this in mind, the executive promulgated, on December 6, 2022, framework law n°03.22 forming an investment charter. A charter that promises to revolutionize state policy in terms of development and investment promotion. This is what Stephen Orr, president of the British Chamber of Commerce for Morocco (BritCham), said during a webinar held on April 13.
“The new investment charter promulgated in December 2022 constitutes the strategic roadmap to breathe new life into investment in Morocco”. And to continue: “It will thus make it possible to make Morocco a highly competitive economy,” he said.
In addition to the promulgation of the new investment charter, the executive has also initiated economic reforms and is working to consolidate its legal framework in order to strengthen Morocco’s attractiveness. Knowing that the country also has strong potential likely to attract investors.
Indeed, thanks to an advanced infrastructure, highly qualified human resources and a strategic position that gives access to potential markets all over the world, the kingdom manages to offer a favorable business climate and enormous opportunities to companies as well as to foreign investors. This, then, is what has enabled it to record a steady increase in the flow of foreign direct investment in recent years.
A 31.5% increase in FDI receipts
The actions undertaken by Morocco, in accordance with the high royal instructions, are already beginning to bear fruit. The data from the Office des Changes clearly attests to this. Indeed, the monthly indicators of foreign trade for the month of February show that FDI receipts increased by 19.8%, or more than 830 MDH, at the end of February 2023, from 4,198 MDH recorded, at the end of February 2022 , at 5.028MDH at the end of February 2023.
Thus, the net flow of FDI increased by 53.6%, recording 3,368 MDH against 2,192 MDH at the end of February 2022.
Morocco, 2nd most attractive African country for investors
The progress made by Morocco has enabled it to become one of the 20 most attractive emerging countries for investment, according to Kearney’s Foreign Direct Investment Confidence Index 2023 (FDICI).
Indeed, the kingdom was able to overtake South Africa to become the second most attractive African country for investors after Egypt and ahead of South Africa, thus occupying the 16th place in the TOP25 of emerging markets.
Noting that China, India, United Arab Emirates, Qatar, Thailand and Saudi Arabia occupy the top six spots in the emerging market rankings.
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