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Morocco’s foreign direct investment into Africa has grown eightfold between 2014 and 2021 as the Kingdom has adopted a more continent-oriented financial policy.
According to World Bank Group member International Finance Cooperation (IFC) Moroccan investment in Africa has risen sharply over the past two decades, «laying the groundwork for increased trans-regional investment».
Citing official numbers from the Moroccan Finance Ministry, IFC indicates in a recent article that Morocco foreign direct investments in Africa has reached over $800 million in 2021.
This shift is driven by several factors, including a desire to diversify markets, access growth opportunities, and contribute to regional development.
South-oriented investments
IFC attributes this growth in Morocco’s Africa direct investments to the growing number of Moroccan companies that have sought to strengthen their ties with the rest of the continent.
«Morocco occupies a very unique position in Africa», says Thomas Pellerin, IFC’s lead for the manufacturing and services sectors for the Maghreb and West Africa, based in Rabat.
«For many international investors, especially those from Europe, the Kingdom’s geographic location and level of development make it a gateway to the African continent. At the same time, as Morocco has built a solid industrial and services base, Moroccan companies are now looking overseas, particularly to Africa, to expand», Pellerin added.
Morocco's French-speaking West African neighbors were the initial targets for investment, but the focus has since diversified to other sectors and regions, including Central Africa. Key players include banks, telecom companies, phosphate producers, and real estate developers.
IFC has played a role in supporting this expansion by providing financing and advisory services to Moroccan companies. This commitment reflects the belief that South-South cooperation can play a crucial role in Africa's development.
King Mohammed VI has been a key driver of this southward push, actively promoting both diplomatic and economic ties with other African nations. His vision is for Africa's wealth to benefit its own people, emphasizing the importance of South-South partnerships.
The African Continental Free Trade Area (AfCFTA) is expected to further accelerate Moroccan investment in Africa. Morocco's established industries, like the automotive industry, can potentially catalyze the development of complementary industries across the continent.
