AN INDEPENDENT PUBLICATION BY PANORAMA DISTRIBUTED IN THE TIMES Tuesday, 20th November 2018

MOROCCO The leading economy in North Africa

Morocco stands out in a volatile region for its remarkable political stability ands its forward-looking economic policy. Now the kingdom is on its way to becoming an African superpower.

The Mohammed VI Bridge, which connects Rabat with Sale, is the longest cable-stayed bridge in Africa 2 Tuesday, 20th November 2018 MOROCCO The leading economy in North Africa www.panoramagroup.com Morocco on its way to becoming an African superpower The kingdom envisions deep regional integration based on south-south cooperation.

hat a beautiful day Morocco is now the second of the Africa Committee at it is when you come largest African investor in the the General Confederation of Wback home after continent, with Dh17.5 billion Moroccan Enterprises, quot- a long absence. I’m com- (£1.4 billion) of investment ed by Jeune Afrique. ing home and it is a joy for over the 2008-2015 period. The seemingly unstoppa- me to meet you all again. I Among the most recent proj- ble march of Morocco Inc. in King Mohammed VI has travelled to more than 30 African countries over the past two decades missed you!” King Moham- ects are the establishment Africa has so far largely been med VI chose the language of eight fertiliser production spearheaded by the country’s of the heart to celebrate his plants in sub-Saharan Afri- largest groups. For exam- increased significantly. Ac- with Africa, aware that even country’s reintegration into ca and two industrial sites ple, is now cording to the Exchange though it is becoming an in- the African Union, which in Ethiopia and Nigeria by present in nine countries. Office (Office des Changes), creasingly important partner gathers 55 countries, when Morocco’s giant phosphate Moroccan banks such as At- imports and exports have the volume of trade remains he addressed its general as- company Office Chérifien des tijariwafa Bank, BCP and grown on average by over Morocco has low at about 3% of its total sembly in January last year, Phosphates (OCP). Another BMCE BOA have now more 9% a year between 2008 and trade volume. This is part- in Addis-Ababa, Ethiopia. important project is the reha- than 40 subsidiaries in Africa 2016. About 60% of these become the second ly why it has applied to join Morocco’s reintegration bilitation of the Cocody Bay with over 1,400 branches in exchanges concerned West largest African the Economic Community of into the pan-African bloc, in Abidjan, the capital of Côte 25 countries. And in turn, the Africa, where Moroccan West African states (ECOW- three decades after it had d’Ivoire, by the public compa- presence of Morocco’s major exports trebled since 2008 investor in the AS), which would enable it to left, is the most recent sign of ny Marchica. banks has paved the way for to more than Dh10 billion continent with a trade freely with this part of its steadfast commitment to “The first wave of invest- more Moroccan companies to (£819.7 million). But Morocco Africa. Africa, which is manifest not ment was in the service explore the African market, is also increasingly targeting total of Dh17.5 But Morocco’s African am- only through its diplomacy — sector but now other sectors as they can now more easily East Africa, outside its tra- billion (£1.4 bition goes far beyond the the king has made more than are also targeted such as in- raise capital directly in the ditional sphere of influence, economy: it is a long term vi- 50 trips to some 30 African dustry and real estate, and countries where they operate. where trade has increased by billion) between sion to increase south-south countries during his reign — they are set to grow strongly Besides the dynamism of 28% in the same period. 2008 and 2015. cooperation and to position but also through its growing in the years to come,” noted Moroccan investments on Now, Morocco ambitions Morocco as a regional h