Ryad Mezzour, Minister of Industry and Commerce, points out that the industry has fully recovered the jobs lost by workers
He Minister of Industry and Commerce, Ryad Mezzour, has given an interview to the American journalist Dennis Wholey, in which he stated that Morocco is in a very good economic situation and that workers in the industrial sector have been able to recover their jobs. This is because the coronavirus pandemic greatly affected the sector, but now they have begun to recover and are currently at 100%.
The coronavirus pandemic devastated the labor market in almost its entirety, forcing the closure of companies and the search for other work methods. Sectors such as the industrial sector require presence for their operation, which in times of confinement is very difficult to sustain and workers take risks when it comes to future infections. Antonio Guterres, Secretary General of the UN, went so far as to state about this situation that “COVID-19 could set us back years, even decades, leaving countries with massive and growing fiscal challenges.” Luckily, Morocco has been able to find stability in the industrial sector, increasingly recovering the normality lost almost two years ago.
Mezzour also spoke about the characteristics of the Kingdom's industry and highlighted how important it is for the national economy. According to the minister, the economy is based on consumption and investment, and this first represents 60% of the GDP (Gross Domestic Product). Investment, on the other hand, represents 30% of GDP, and Morocco is considered to have one of the highest rates in the world.
Returning to the topic of the industry, The minister has stated that Morocco's main action in the industrial sector is production and subcontracting, in addition to the outsourcing of foreign companies that come to Morocco.
In the Alawite kingdom, The main industry that tops the ranking of those that export the most products is the automotive industry, which has a production capacity per year of 700,000 vehicles and, in turn, an integration rate of one 60%.
Mainly, according to Mezzour's words, The Alawite country imports energy. The minister spoke about the importance of the energy transition policies that the country is experiencing with the new Government, which has become one of the leading nations in these matters. “We also import some equipment, industrial semi-products and some consumer goods,” according to the minister. On the other hand, the main exports are in the vehicle sector, followed by fertilizers, agri-food and processed products and textiles.
It should be noted that Morocco has an excellent international relationship with different countries to which it imports and exports, such as the European Union or the United States. one of its main partners. The Kingdom is the only country in Africa that has had free trade agreements with the United States for 16 years, which is why the two countries have been allowed to trade and make sales and import agreements. Furthermore, this situation is very strategic for the American power, which, by having dealings with the Maghreb country, can access the other countries of the African continent to expand its business and power.
Wholey, faced with this fact, asked the minister what would be the main advantages for American investors who wish to make agreements on their businesses with Morocco, to which the minister responded that “The main advantage is that production costs are relatively low, The decarbonization of Moroccan industries will be completed within a period of 3 to 4 years, and allows access to the two largest markets in the world, European and American.” “Being based in Morocco gives you potential growth multiplied by three. “Morocco is a center for the European, American and African markets,” the minister responded.
This factor is very good for the region, and, above all, for African countries that want to invest in the Kingdom and thus, open the door to the world. Morocco offers political, social and economic stability that is envied by its African neighbors and that gives the Maghreb a formal character, which is why it is very important when creating businesses on the continent. As of 2019, Morocco is the 4th country in the MENA region that most attracts foreign investment, with very good strategies that encourage investment and grow the nation's economy.
Source: Atalayar by Jorge Ortiz