Africa News Why is Morocco attracting more and more FDI?

Why is Morocco attracting more and more FDI?

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The flow of FDI follows a constant line in Morocco unlike other countries in the region, according to the Financial Times in an article published Thursday, January 24, which newspaper explains this performance by the diversification of the Shereefian economy.

Moreover, James Zhan, Director of Investments and Enterprises at UNCTAD, did not fail to describe the performance of Morocco as "very impressive", according to panorapost.com.

It's a reversal of the trend, according to Zhan, "The big traditional investment destinations in the region are Egypt and Tunisia, but Tunisia is in trouble and Egypt is back attractive. Compared to these two countries, as well as Algeria and other countries, Morocco is the most stable investment climate in the region, "he says in the 2018 World Investment Report.

Adding to this, more and more Moroccan companies were seeking to expand in the fast-growing region of sub-Saharan Africa, supported, it is true, by strong banks.

Indeed, "Morocco has sought to position itself as the gateway to African markets – a strategy promoted by the government following the Arab uprisings that swept the Middle East," writes the Financial Times.

Foreign direct investment in new projects or extensions of existing projects in Morocco have increased steadily since 2013, even though they plunged in 2017, but reached $ 4.2 billion in 2018, mainly from four countries, namely France, the United Kingdom, South Korea and Spain, writes the same source.

The strong increase in French investments in Morocco by 25% in 2018 compared to 2017 is due to the renewable energy and automotive sectors.

Thus, in February 2018, Voltalia, a French renewable energy company, announced "its intention to build two hydropower plants in Morocco".

For its part, the Italian Enel has announced the creation of five wind farms in 2016, worth a total of $ 1.2 billion, in partnership with German Siemens.

Finally, Japanese companies Sumitomo and Saudi-based ACWA Power International are building solar power plants, as well as Chinese companies building the Noor 2 and Noor 3 solar farms near Ouarzazate, 100 km southeast of Marrakech.

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