Morocco to Invest in 900 Local Business Projects to Reduce Imports


Morocco plans to launch 900 business projects in a bid to reduce the country’s heavy reliance on imports.

The new investment projects are part of a national strategy aiming to substitute imports with local goods and services, according to Ryad Mezzour, Morocco’s industry and trade minister.

Driven by the rising value of imports, Morocco’s trade deficit has continued to rise, growing by 57% at the end of February, compared to the same period a year ago.

During a hearing at the chamber of representatives on Tuesday, Mezzour explained that the projects will generate 80,000 direct jobs and 120,000 indirect jobs.

Mezzour also pointed out that the government provided 10,000 hectares for business activities over the last few years, with 3,000 hectares dedicated to investors. This came in response to a question on how easy it is for businesses to acquire real estate for their operations.

Morocco boosts country’s business appeal

In recent years, Morocco has implemented a number of measures to enhance the country’s attractiveness as a go-to business destination.

In under a decade, the country saw the construction of multiple industrial zones, and airports, with the government investing over $15 billion in infrastructure projects.

The country currently boasts some of the best road systems on the continent, and the transport and logistics ministry is working to add an additional 3379 kilometers of expressways, and 2092 kilometers of highway by 2030.

Morocco has 27 commercial ports with the capacity to handle 92.3 million tons annually in trade. The government plans to invest an additional $7.5 billion by 2030 to upgrade and expand national ports.

Adding to Morocco’s European-grade business infrastructure, the country is part of the world’s largest Free Trade Zone (AfCFTA) and has signed over 45 Free Trade Agreements (FTAs), offering investors and manufacturers access to over one billion consumers.

Read Article From Source: Morocco World News