Morocco consolidates its position as an attractive country in terms of heavy investments. Indeed important industrial industries, in particular automobiles, which fled the war in Ukraine decided to settle in the Kingdom.
In March 2022, Japanese electrical wire and fiber optic cable manufacturer Sumitomo Electric Industries announced that due to Russia’s invasion of Ukraine, it is moving its cable harness production from Ukraine to its factories in Romania and Morocco.
This choice of several international groups is justified by Morocco’s industrial attractiveness. In recent years, Morocco has steadily gained in importance as a supplier country to the automotive industry.
Moreover, Morocco had recently announced the signing of 8 investment agreements with international companies in the automotive sector, with a total value of 1.7 billion dirhams, or the equivalent of 175 million dollars. In this context, Fitch Solution hopes that this political support will continue.