Morocco is recovering at high speed the delays caused by the pandemic linked to the coronavirus, while the Industry sector, alone, has recovered 100% of the jobs lost during the health crisis, said the Minister of Health. ‘Industry and Commerce, Ryad Mezzour.
Speaking in the American television series “This is America & the World”, which aims to explore cultural, socio-economic and political life around the world, the Minister reviewed the main characteristics of Moroccan industry and highlighted the components of the national economy, as well as its strengths. Ryad Mezzour, who answered questions from the American journalist, Dennis Wholey, visiting the ministry, explained that the national economy is mainly based on consumption and investment, specifying that the first component represents 60% of the gross domestic product ( GDP) and investment which holds 30% of GDP, one of the highest rates in the world.
On the industry side, the minister said that Morocco acts mainly in production and outsourcing (outsourcing of foreign companies to Morocco), noting that the national automobile industry is leading the export products. The Kingdom has an automotive industry platform with an annual production capacity of 700,000 vehicles and an integration rate of 60%, he said. Regarding the nature of the imported / exported products, Ryad Mezzour observed that Morocco mainly imports energy in accordance with its “excellent” energy transition policy which makes it one of the leading countries in this area. And to support: “We also import some equipment, semi-industrial products and some consumer goods”.
For export, the minister stressed that the first place goes to the automotive sector, followed by fertilizers, agrifood products and processed products, in addition to textiles, noting that Morocco is one of the only countries in the world with both a free trade agreement with Europe and the United States. When asked what are the advantages for potential American investors to set up in Morocco, Ryad Mezzour answered with the relatively low costs of production factors, the decarbonisation of Moroccan industry within 3 to 4 years and access to the two most important markets in the world (European and American). At the same time, he argued that Morocco constitutes a hub for European, American and African markets. “Being based in Morocco gives you a potential growth multiplied by 3”, concluded the Minister.