The Minister of Economy and Finance, Mr. Mohammed Boussaid, affirmed Saturday, February 07th 2015 in Paris, that the various sector- based strategies launched by Morocco allowed a real transformation of the national economy and the reinforcement of its ability for resilience to external shocks.
The Minister, who was speaking at a meeting with reporters on the sidelines of his participation in the Franco-African forum for inclusive growth, specified that the Moroccan economy has achieved an average growth rate of around 4.5 pc between 2008 and 2013, despite the world economic crisis. Mr. BOUSSAID explained that thanks to the economic model based on consumption and investment and a more diversified economy, Morocco is today less subject to climatic risks. In this context, he stressed the role of sector-based strategies in achieving these good performances.
The Minister quoted as an example the automotive industry strategy, stating that this sector has become the first exporter to Morocco in 2014.
"Morocco has also worked to diversify partnerships particularly with Africa, where several Moroccan companies are already established notably in sub-Saharan Africa," affirmed, Mr. BOUSSAID, noting that despite this diversification, Europe continues to be the main partner of the Kingdom.
The Minister who explained that the economic strategy of Morocco is based on a double equation, namely the acceleration of growth and the recovery of public accounts, was pleased with the efforts having allowed reducing the budget deficit from 7, 1% in 2012 to 4, 2% in 2014. For Mr. BOUSSAID, this strategy is based on a realistic policy which consists in managing the context, while working to create the conditions for an inclusive and durable growth.
The Minister of Economy and Finance has also raised the forecast of 2015. He, in this regard, quoted the growth rate projected by the High Planning Commission which should be around 4.8%, noting that the national economy will benefit from lower oil prices and therefore from the energy bill of the country, as well as a good farming season.
Mr. BOUSSAID took this opportunity to discuss a number of elements that have denoted the progress of the Moroccan economy. He quoted, in this case, the successful release in 2014 of Morocco on the international market to raise a billion of dollars; the operation which he described as the best deal of the year.
He, moreover, quoted some 'successful' reforms carried out by the Kingdom, citing, among others, public finances and the compensation fund reforms, in addition to the Government's decision to grant an amnesty to all those involved in capital flight in exchange for the payment of a lump sum contribution and the repatriation in Moroccan banks of the assets they hold abroad.
The Minister affirmed, on another level, that the year 2013 was exceptional as regards the attraction of FDI with more than 23%, arguing that the degree of interest for business in Morocco is increasingly important.
"Many countries are also interested in investing in the Kingdom including the Gulf countries, China and the United States," stressed Mr. BOUSSAID, adding that among the factors of Morocco's attractiveness are, in particular, its strategic geographic position and the free trade agreements with 55 countries, which allow access to a market of more than one billion consumers. Regarding relations with Africa, the Minister of Economy and Finance argued that Morocco calls for the development of South-South cooperation and a partnership approach, noting that the royal speech of Abidjan illustrates the commitment of the Kingdom for Africa.
Mr. BOUSSAID, who believes that the future is Africa, encouraged France to take this opportunity offered by the presence of Moroccan companies in Africa in several sectors including telecommunications, banking and insurance.
"Morocco, France and Africa can do great things together," he assured, emphasizing in this regard the role that the Casablanca financial center (CFC) can play to drain investments towards Africa.