Africa Ascending: Supporting Morocco’s Growth Potential
Morocco is one of North Africa’s most exciting development stories. GDP expanded by 4.7% in 2013, while foreign direct investment that year was up 24% to $3.5 billion. In 2015, growth is expected to reach nearly 5%. Its successful push into automobile parts and vehicle manufacturing is one example of its successful diversification.
As a result of Morocco’s diversification plans, there are many areas of opportunity in the Kingdom, including industrial manufacturing, power, renewable energy, logistics, healthcare and aviation.
New projects and investment in all of these industries were highlighted today in the Atlantic Council, an event held in Washington, D.C., on the sidelines of the U.S.-Africa Leaders Summit, which is being hosted by President Obama and runs today through Wednesday. The event was attended by key government officials from Morocco as well GE executives where Nabil Habayeb, President and CEO, GE Middle East, North Africa & Turkey, spoke to the audience.
GE is a committed partner to Morocco, including a co-investment with Mitsubishi in Powerex, a high-tech semiconductor manufacturing joint venture in the Tangiers Free Trade Zone. In healthcare, more than 1,000 GE technologies are used in Moroccan hospitals, while in aviation, GE and GE joint venture CFM engines power nearly 95% of Royal Air Maroc’s fleet.
Morocco’s economic success is due to its stable political environment and more than a decade of work to improve the business and investment climate in support of private-sector-led growth.
GE, which has had a presence in Morocco for more than 20 years, is a ready partner to support these efforts through the company’s three-pronged approach of: infrastructure development, localized innovation and human capital development.