MOROCCO – Morocco has emerged as the second most attractive business destination in Africa, in the latest “Where to Invest in Africa,” report by Rand Merchant Bank (RMB).
Morocco’s promising potential for local and international investors enabled it to outperform South Africa which dropped to the third place.
Egypt tops the list owing to “a progressive increase in the investment from the private sector,” which boosted economic growth, according to How We Made it in Africa.
Part of Morocco’s rapid rise in the rankings is due to the increased visibility in African affairs.
The country’s return to the African Union has allowed it to strengthen its leadership position in the continent.
“Morocco’s return to the African Union in January 2017 and the launch of the African Continental Free Trade Area (CFTA) in March 2018 provide Morocco further opportunities to promote foreign investment and trade and accelerate economic development,” the report said.
Kenya is the fourth in the report followed by Rwanda, Ghana, Côte d’Ivoire, Ethiopia, and Tunisia, which are among the top ten destinations for investment in Africa.
This is not the first report that has emphasized Morocco’s growing importance as a promising investment hub.
The 2019 Investment Climate Statements from the US Department of State lauded Morocco’s geographic location for attracting international investors.
The report indicated that Morocco’s foreign direct investment (FDI) was the fifth largest in Africa, a figure that increased by 23 percent in 2017.”
The assessment comes amid efforts by the Moroccan government to diversify the country’s economic activities.
The most promising sectors in Morocco are the automotive and aeronautical sectors.
The aeronautical sector for instance creates more than 11,000 direct job opportunities, a number that represents 8.5% of Morocco’s total employment.
In July, a South African paper called Morocco “the face of Modern Africa.”
The paper further noted “Where others have deliberated, Morocco has delivered,” backing the notion that Morocco is rapidly becoming a go-to destination for investors interested in the African continent.