Rabat: Foreign direct investment (FDI) in Morocco recorded net revenue of 16.3 billion dirhams in the first nine months of 2024, Head of Government Aziz Akhannouch told the House of Representatives on Monday. Speaking at the monthly question session on ‘the centrality of the foreign trade sector in the development of the national economy,’ Akhannouch noted that these revenues saw an increase of 50.7% compared with the same period last year.

According to Agence Marocaine De Presse, Akhannouch stated that this FDI, announced in recent months, is a significant attraction for foreign investors, particularly due to the upcoming New Investment Charter. He emphasized that this strategic choice has resulted in signing several important investment agreements, including the electric battery manufacturing ecosystem, the first of its kind in Morocco. This investment, valued at 3 billion dirhams, is expected to create over 2,500 job opportunities.

Akhannouch also mentioned a memorandum of understanding signed with an in
ternational player for establishing Africa’s first factory for producing electric car batteries and energy storage systems in Morocco, with an investment of MAD 65 billion. This initiative is anticipated to create 25,000 direct and indirect jobs, highlighting Morocco’s leadership in the automotive industry.

Addressing Morocco’s influence in sustainable energy, Akhannouch announced the government’s determination, under the leadership of King Mohammed VI, to promote the green hydrogen sector. This endeavor aims to enhance Morocco’s position as a global leader in sustainable energy, creating wealth and employment opportunities. He highlighted Morocco’s Green Hydrogen Offer, a competitive and stimulating initiative for investors, which has already attracted nearly 40 applications from across the globe.

Akhannouch concluded by affirming the progress made over the past two years, reflecting the overall transformation of the national economy. He noted the continuous government efforts to address issues of developm
ent and sustainable growth, while emphasizing the challenge of achieving strong outcomes in strategic sectors once the foundational elements for sustainable foreign trade are established. He reiterated Morocco’s role as a model for attracting FDI and the government’s commitment to promoting the industrial sector, especially value-added industries.