Morocco is situated in North Africa, bordering the Atlantic Ocean as well as the Mediterranean Sea, just an hour ferry ride from Spain. This unique position makes this country special and different from the other African countries which impacts positively his economy.
The Moroccan economy has a great potential for untapped diversification, but it is still dominated by raw materials exports, primary products and low technological content.
These products represent 66% of total exports according to the new study on Potential for diversification of the Moroccan economy and new opportunities for growth by the High Commission For Plannig.
Morocco has two important harbours :
– The port of Tanger Med, which is the biggest port in Africa, located on the Strait Of Gibraltar.
– The port of Casablanca is one of the largest artificial ports in Morocco and in the world.
Moreover, Morocco is classed the 6th on the top 10 wealthiest African countries, according to gross domestic product (GDP), as reported by the International Monetary Fund’s (IMF) latest World Economic Outlook report ; Nigeria has the highest GDP in Africa which is $376.284 billion in 2017, South Africa took the second place, after Nigeria, with a GDP of $349.299 billion, Morocco is between Angola who had a GDP OF $124.2 billion and Ethiopia with a GDP of $80.9 billion.
Over half of Morocco’s GD account is from services sector and a quarter of the industry, made up of mining, firstly phosphate rock mining, construction, and manufacturing. Tourism, telecoms and textile sector registered the highest growth.
Manufacturing in Morocco is cheap, that is why a lot of countries invest in it, for example, China has the intention to encourage Chinese operators to invest in Morocco in automotive, textile, agro-industry, aeronautics and renewable energies.
The energy sector is one of the most promising sectors that will bring the most added value, both locally and nationally. In fact projects have emerged during the last years, while others are planned or underway :
● Solar Power Plant Noor Ouarzazate 1, 2,3, and 4
● Solar Power Plant Noor Tafilalet
● Solar Power Plant Noor Atlas
● Wind Farm of Midelt
● Hydroelectric dam of Agdez
In the very near future, Morocco aims to become an exporter of power supplies to Europe, in addition to elsewhere on the African continent and the extensive Arab-speaking world.