Morocco approves investment projects worth $2.4 bln despite Covid-19

Investors have shown eagerness to carry out their projects in Morocco despite Covid-19 with 45 projects approved by the government worth $2.4 billion.

The sectors of energy infrastructure and telecommunications took 65% of all investment, followed by industry and retail with 16% and tourism with 11%, head of Morocco’s investment promotion agency Hicham Boudraa said.

“Investors are eager to materialize their projects in Morocco despite the crisis,” he said, noting that no investor backtracked because of the current crisis. “We are surprised,” he said.

In tourism, the most hit activity by the pandemic, he said investors maintained their projects because they believe in Morocco’s post-Covid competitiveness.

Health however took 1% of all investments. Boudraa said it is an investment by a public body but did not offer more details to reporters at a virtual news conference.

Two thirds of these investments are joint ventures notably with Kuwait, Italy and Belgium.

The approved projects are expected to generate 3,194 direct jobs and 5,406 indirect positions.

Foreign investments are essential to Morocco’s hard currency earnings especially at a particular context where remittances from Moroccan expatriates, tourism and exports dropped due to the coronavirus.