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Morocco: Overseas Investments Rise 68% in H1

Morocco: Overseas Investments Rise 68% in H1

Saturday, 3 August, 2019 - 09:00
Chinese tourists browse at a shopping area in Casablanca in 2016. Youssef Boudlal/Reuters
Casablanca- Lahssen Moqana
Moroccan overseas investments rose 68.1 percent during H1 of 2019 to reach MAD4.2 billion (USD444 million) end of June, according to the latest statistics from the Foreign Exchange Office (Office des Changes) Friday.

The key Moroccan investment operation abroad was Maroc Telecom acquiring Tigo Chad mid-March. Further, Addoha Group launched its investments in luxurious and medium real estate in Côte d'Ivoire end of April.

In this context, Addoha Group opened a branch for its company ‘Prestigia’ - specialized in luxurious real estate - in Abidjan, in concurrence with launching projects there for luxurious and tourist residency at the high-class Plateau business town.

Meanwhile, the Foreign Exchange Office revealed a relapse in net foreign investments flow in Morocco during this period by around 19.6 percent, reaching MAD8.3 billion (USD872 million) end of June.

The office added that the Moroccan trade deficit deepened by 4.9 percent, increasing to MAD102.5 billion (USD10.8 billion) due to the hike of Moroccan imports of products and goods by 3.8 percent to MAD250.6 billion (USD26.4 billion) while exports rose by 3.1 percent to MAD148 billion (USD15.6 billion).

During this period, Morocco suffered from the shrinkage of the international automotive market – this affected exports of the automotive industry making it the first exporting sector in Morocco.

Moreover, agriculture products and food industries exports witnessed a rise by 6.7 percent – the value of the emerging industry of aviation exports rose by 12 percent, while phosphate and its derivatives exports increased by 1.1 percent.

The Moroccan imports were topped by processing products with MAD65.4 billion (USD6.9 billion), an increase of 9.9 percent, in addition to semi-manufactured products with a value of MAD54 billion (USD5.7 billion) i.e. a rise of 5.7 percent, and manufactured consumer products with a value of MAD56 billion (USD5.9 billion) an increase of 3.2 percent.

However, imports of energy, raw material, and food products dropped by 0.7 percent, 4.2 percent, and 2.8 percent, consecutively.

The services’ balance credit improved by 13.2 percent, totaling MAD40.4 billion (USD4.25 billion) and making use of the enhancement in tourism incomes and the performance of the offset services sector.

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