Morocco is one of the countries that offers more business opportunities to international companies. Agriculture, tourism and the aerospace industry are some of the sectors that arouse most interest.
Because of its geographical position, Morocco is a strategic country for trade and investment between Europe and Africa, and between North America and the Middle East.
In fact, the African country shines with its own light and is one of the markets with the best growth prospects for 2019.
Morocco keeps GDP continuously on the rise
The economic outlook confirms that the Alawi country is improving year after year. With regard to 2019, GDP growth is expected to accelerate to 3.3%.
This increase will be possible thanks to a cyclical uptick in agricultural production, as well as greater non-agricultural growth. In addition, the political situation is also relatively stable and is expected to remain so in the coming years.
As if that were not enough, the Moroccan financial sector is really competitive and offers a wide range of financing options for foreign investors.
What are the key sectors in Morocco?
The key sectors of the Moroccan economy include agriculture, tourism, the aerospace industry, the automotive industry, phosphates, textiles and electrical components. Also of increasing importance for the economy are modern sectors, particularly tourism and telecommunications
Certainly, Morocco has capitalized on its proximity to Europe and relatively low labor costs to work in the construction of a diverse, open and market-oriented economy.
Exports and imports of Morocco
Low labor costs and proximity to Europe have helped Morocco build a diversified and market-oriented economy of exports and imports.
Likewise, Morocco’s main exports are clothing and textiles, electrical components, inorganic chemicals, transistors, raw minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish and automobiles.
Regarding imports, crude oil, textiles, telecommunications equipment, wheat, transistors, plastics, gas and electricity stand out.
Among other measures to promote international trade, Morocco has increased investment in its port infrastructure, its transport network and industrial skills to position itself as a center and business corridor throughout Africa.