Morocco spurs industrial investments worth $1.1 billion to cut trade deficit

Morocco launched 52 investment projects worth 1.1 billion dollars with a capacity to employ up to 12.583 people in a bid to narrow its budget deficit.

The projects are designed to cover goods that Morocco imports and will cut by 820 million dollars Moroccan imports.

Part of its industrial acceleration plan, the new projects will be implemented in nine Moroccan regions in the sectors of textile with 14 projects, chemical industries with 11 projects, 7 steel projects, 6 plastic plants, and five construction equipment plants.

Three other agreements were signed covering projects in wood industries, electronics, appliances and naval industries.

This investment is part of a plan to cut by 34 billion dirhams Morocco’s imports by 2023, boost exports by 17 billion dirhams and create 100,000 jobs by 2023.