CASABLANCA, 5 January 2021 – Eighty percent of Moroccan companies surveyed in 2020 said they are prioritizing exchanges with and prefer to invest in other African countries, up eightfold from 2015, a new study shows.
According to the fourh editon of International Development Barometer, 80 percent of Moroccan firms shifted their focus and investments to Africa.
The same study in 2015 found that only 11 percent of Moroccan companies had an interest in exchanges with or investing in other African countries.
The trend has been one way – bullish – since the first study and three years ago another study found that Moroccan investments elsewhere in Africa were in line with these findings.
In 2015, more than 60 percent of Moroccan investment abroad were directed towards other African countries.
Two years later, the African Development Bank estimated that 85 percent of Morocco’s outward foreign direct investment (FDI) went to sub-Saharan African countries.
Moroccan investment in Africa was $4.75 billion in 2017, up more than 33 percent from $3.4 billion the year before, according to the World Investment Report 2017 published by the United Nations Conference on Trade and Development (UNCTAD).
The bulk of Moroccan investments are in West African countries, according to BreakPoint, the company which publishes International Development Barometer.
Moroccan investments are in all sectors, including phosphates, construction, telecoms, consumer goods, homegrown textiles and banking.
One of Morocco’s best-known banks elsewhere in Africa is Attijariwafa now has branches in ten other African countries – 499 branches across West Africa and 97 branches across Central Africa.
Morocco’s three top-banks posted total profits of $280 million from their subsidiaries across Africa in 2017, according to African Business magazine.
In 2017, Antijariwafa earned one-third of its profits from African markets outside of Morocco.
BreakPoint, the company which carried out the study, focused it on preferential economic models and operating methods, potential development prospects, and contextualizing any such plans in a time of the new coronavirus pandemic.