Morocco is the fifth largest economy in Africa, with a GDP of $126 billion (2021) and is ranked by the World Bank as a ‘very easy’ country in which to do business.

In recent years, the service sector has grown to become the largest contributor to the Moroccan economy, while the industry and manufacturing sector continues to grow at pace. Nevertheless, The agriculture industry still plays a significant role in the economy.

Recently, the Government of Morocco launched a new investment and export brand, “Morocco Now”, to promote the Kingdom as a leading industrial and export platform to attract foreign investments.

Manufacturing and technology

High-tech industries in Morocco have significantly developed in recent years and the government actively encourages further scientific research in the Kingdom.

Morocco has seen the rapid development of its aerospace industry and is ranked fifth in the world for the most dynamic country in aerospace – as well as first in Africa. It is now home to over 140 international aerospace firms, such as Airbus, Boeing and Bombardier, who manufacture in the

Kingdom due to the winning combination of highly educated employees, plentiful green energy, and convenient geographic location.

The Moroccan aerospace industry spans the full value chain: finished aircraft, maintenance and airport infrastructure.

Morocco is ranked among the world’s most dynamic aerospace ecosystems.

• Aerospace exports grew by 21.9% in 2021
• From 2000 to 2015, more than 110 aerospace companies launched operations in Morocco
• 142 companies are currently operating in the sector and top OEMs (Boeing, Pilatus,) are using parts produced in Morocco.
• As of 2021, the industry sustained 20.000 jobs
• 15,000 people a year are being trained as engineers
• 15,000 square metre extension added to an already large aerospace site
• Female labour participation is at 40.6% in the industry

Morocco is also the leading car manufacturer in Africa. The country is the second exporter to the EU of new vehicles.

• Morocco produces 700.000 cars annually
• Moroccan automotive exportations reached $8.3 billion in 2021
• The industry sustained more than 220k jobs in the sector

Morocco is also the leading automotive manufacturer in Africa. The country had a fast integration into the global economy, which allowed numerous free trade agreements with the US and the EU.

• The Automotive industry is the country’s leading exporter
• 2019 revenues were $10.5 billion
• 8 car models were produced, including 2 electric vehicles
• Annual production of more than 400,000

In addition to the long-term operations of PSA and Renault, Morocco has attracted car and automotive manufacturers from around the world, such as Stellantis, Sumitomo and Valeo.

Morocco is also home to Africa's most powerful supercomputer centre, in collaboration with the University of Cambridge. The Mohammed VI Polytechnic University launched a state-of-the-art system in early 2022, which aims to support Moroccan and African industry research and is helping to create the next generation of digital entrepreneurs and attract world-class researchers. This technology is supported by a growing digital infrastructure across the country, including facilities to train the next generation driven by the network of the 1337 coding school campuses.

Green Energy

Blessed with abundant sun during the day and the power of the Atlantic Ocean meeting the vast Sahara Desert at night generating strong winds – Morocco is becoming a green energy superpower.

EY ranks Morocco among the most attractive countries for investments in the field of renewable energy. It was also chosen as one of the Top five Performers, alongside Denmark, Sweden, Norway, United Kingdom, in the Climate Change Performance Index in 2022. It has the potential to become a green power generator for the UK and Europe by harnessing this sunshine and wind power. While the UK is one of the best countries for wind power in the world, Morocco has even more reliable wind, able to diversify the grid and when combined with clever storage techniques – our hours of sun can provide reliable solar and disrupt traditional energy.

Morocco holds the world’s largest concentrated solar farm, located in Ouarzazate. Thanks to its highly favourable geographical position allowing Morocco’s southern regions to receive some of the highest amounts of sunlight in the world, such impactful projects are taking place across the country. Having this solar plant has allowed the country to have one of the greatest rates of solar insolation and to launch a $9 billion solar energy project. Once completed, this plant will provide 38% of Morocco’s annual electricity generation.

Morocco has been a forerunner in the development of innovative green energy projects such as green hydrogen with a target of 52% of renewables in its energy mix by 2030 and expected to reach 80% renewable energy use by 2050. Morocco is already home to the world’s largest concentrated solar power (CSP) with an installed capacity of 1117 MW. By 2026, the Hevo Ammonia Morocco project aims to produce 183,000t of green ammonia annually. The ammonia plant will help to reduce Morocco’s reliance on imported, high-carbon, grey ammonia. Ammonia has a variety of industrial applications in Morocco, not least in the country's leading phosphate- based fertiliser industry.

In addition to lowering carbon emissions at home and driving the nation’s economic growth, Morocco is set to become a major exporter of green energy. Morocco can support the UK to increase its use of renewable energy. The Xlinks Morocco-UK power project will use a combination of solar, wind, and battery storage to generate and export electricity for the UK. The first collaboration project will provide clean baseload energy that can serve seven million British homes and provide 8% of the electricity supply in Britain, more quickly and at a lower cost compared to other baseload sources such as nuclear power. Xlinks will allow the UK to receive clean energy from Africa and help reach their goal of net zero by 2050, at no extra cost to the taxpayer and creating high-paying engineering jobs in the UK and Morocco.

• Between 2018 and 2019 Morocco’s renewable energy exports increased by 670%

Agriculture

Morocco has high-quality agricultural produce and the production of commercial crops is growing. Blessed with favourable topography and locally produced quality fertiliser, the country exports citrus fruits and early vegetables to the European market. Morocco has 87 million hectares of useable agricultural land with climates marked by several shades of difference: Mediterranean in the north, oceanic in the west, continental in the interior and Saharan in the south. Thanks to the Atlas Mountains feeding rivers, and continued investment in irrigation, farmers across Morocco benefit from reliable water suppliers in key agricultural areas. The Moroccan agricultural sector is made up of private farms and community agricultural cooperatives, both of which enjoy the policy support of the state.

• Agriculture in Morocco contributes 12.23% to the country’s GDP
• High diversity of soil and climates over the Moroccan territory
• 140.000 tons of annual olive oil production
• Over 650 varieties of fruits and vegetables
• Agriculture supports four million jobs in Morocco

Morocco is a major exporter of agricultural produce, such as fruits and vegetables to Europe. Despite being a water-stressed nation, through irrigation and responsible land management, Morocco has been able to position itself as a reliable and sustainable producer of food. This vision has been supported by extensive research and education regarding sustainable farming practices.

Recognising its position as a leader in sustainable agriculture, Morocco undertakes numerous educational programmes for farmers in other African countries. These programmes have successfully raised the productivity of core crops in swathes of West and Central Africa. Morocco’s status as a guarantor of global food security is enhanced and led by its position as the world’s largest custodian of phosphate resources. Alongside nitrogen and potassium, phosphate is one of the three key minerals to life, helping in root and seed development, as well as plant maturation, and as such, it is a valuable and sustainable fertiliser for farmers in Morocco, Africa, and across the world. The sustainable use of phosphorus in agriculture has the potential to increase food security alongside reducing adverse impacts on the environment – thanks to its organic composition and ability to be processed using less carbon.

Infrastructure

Morocco has become an important stop for the UK and international investors interested in African opportunities and challenges, as well as for global issues such as food security. Morocco is well connected to the UK via the sea and the sky. There are 100 flights a week to Morocco from seven airports. It has the best maritime connectivity in Africa, sitting on both the Mediterranean and the Atlantic. It is the closest reliable partner outside Europe for the UK and is only a two-and-a-half- hour flight away with a shared time zone.

The port of Tangier-Med on the Strait of Gibraltar is the largest transhipment platform in Africa, having links to the UK and 40 ports across 29 African countries. In total, the port has 186 connections with 77 countries and a processing capability of nine million containers per year – making Morocco an ideal place to base manufacturing.

Finance

Morocco has one of the most developed financial service sectors in Africa, with Moroccan banks being some of the largest on the continent. Unusually for Africa, domestic banks hold around 90% of the country's deposits, showcasing the strength of the sector, and allowing funds to be deployed locally as opposed to overseas HQs. Morocco’s banking system is so respected in the region that the nation’s largest banks can make up to a third of their revenues overseas, making the sector one of the country’s fastest-growing exports.

Originally founded in 1929 as a clearing house and formally established in the 1990s, the Casablanca Stock Exchange is one of the most dynamic bourses in Africa. The exchange is home to

the listings of some of Morocco’s largest companies and has allowed Morocco to draw in foreign capital, as well as enabling the country to develop its domestic infrastructure. With a market capitalisation of more than $71 billion, the exchange has previously delivered some of the strongest returns among its regional peers. This rich ecosystem has helped to launch the development of the Casablanca Finance City (CFC).

CFC is an African business and financial centre dedicated to the continent's future and is ranked as a top global financial centre. CFC is at the heart of Morocco’s growing financial services sector, has close links to 50 African countries, and has a growing number of members that benefit from expert advice and knowledge

• 15 partnerships with international finance centres
• First green financial centre in Africa and the Middle East
• 20 South-South partnerships
• 200 companies with CFC status
• Operates in 50 out of 54 African countries
• 210 registered member companies