Morocco: The Future Gateway to Africa | The Market Mogul
Why Morocco is well-positioned to serve as a business gateway to Africa:
Morocco’s steady growth and political stability represent major factors of the country’s growing influence in Africa. Since 1999, King Mohamed VI has initiated major political and economic changes with a focus on renewable energy and sustainable development. The country’s rich culture is a blend of African, Berber and European influences. The following article aims to show how Morocco will become a major force to reckon with in Africa.
Strong Macroeconomic Performances
Morocco relies mainly on services 52%, industrial sectors 33% and 15% tourism of total growth domestic product. By 2030, the country aims to generate 52% of its electricity from renewable energy mainly solar, wind and hydroelectric power. According to the World Bank, Morocco’s signature solar project Noor with a capacity of more than 500 megawatts is set to power 1.1 million homes by 2018 and might become the world’s largest concentrated solar power plant. The country works hard to preserve macroeconomic stability, which is a key objective of the current Moroccan government.
Morocco averaged 4.25% GDP growth rate and 1.8% inflation between 2008 and 2015 thanks to structural reforms and several actions that have been undertaken to put the country on the path of strong and sustainable growth. Additionally, Morocco has strong ties with France, a geopolitical partner with whom the country has developed and sustained a handful of industrial projects. As an example, PSA Peugeot Citroën recently entered into an agreement with five leading Moroccan Universities to create a new Open Lab dubbed “Sustainable Mobility for Africa” to explore sustainable mobility systems and develop cars of the future…[FULL STORY]