Expansion of Morocco’s Industrial Industry Reshapes Economic Future
Morocco is refocusing its attention from the agricultural sector onto an industrial acceleration plan. The plan to diversify the kingdom’s economy from one that relies on agriculture and tourism to an industrial business approach is inspired by the continued investment from international giants.
In 2014, Morocco set a goal to reshape its GDP income by 2020. The plan included creating 500,000 new jobs to shift the industrial contribution from 14% to 20%. As of 2019, 81% of the goal has been reached.
Morocco’s expands its industrial industry to reshape economic future.
Indications that the move from an agricultural economy to an industrial one is paying off is reflected in the development of Morocco’s car industry. In 2018, Morocco was reported as Africa’s largest car exporter. Morocco’s budget deficit has also shrunk from 7.2% (2012) to nearly 3.5 % ( 2019) and a steady rise in volumes of foreign exchange reserves (227 billion dirhams for May 2019) demonstrate Morocco is equipped to absorb external shock and is ready to move to a floating dirham currency.
The kingdom has also seen growth in the aeronautical and phosphates related industries. Recently, Cherifien Office of Phosphates ( OCP) added an agency for Digital Development to their Mohammed VI Polytechnic University campus, part of the Mohammed V University in Rabat. The OCP funded school is located in Ben Guerir, an area known as the “Silicon Valley of Morocco.”