Morocco is on the way to bolster its position on African investment, calling on the South African government to redouble its efforts to stay in the race with Morocco, the South African government agency responsible for promoting the image of the country said on Wednesday. "Morocco continues to strengthen its position as a destination for foreign direct investment," said Petraeus Cook, director of research at BrandSouth Africa. "Morocco has been on track to enhance its qualifications in the coming years."
South Africa should redouble efforts to stay in the race, Mr. Cook said. This follows the South African agency's interaction with the recent classification by Ernst & Young, one of the world's leading financial and consulting firms, in its report on investments in Africa in 2018. The report highlighted that Morocco was able to catch up with South Africa, Shares with it today the number one spot on foreign direct investment in the continent. According to the report, Morocco and South Africa managed to attract 96 foreign direct investment projects for each of them in 2017, while the third place returned to Kenya with 67 projects. "The report shows clearly that the investment map in Africa is undergoing significant changes," said the official at BrandSouth Africa. "These changes will have major implications for South Africa, while President Cyril Ramafuza is trying to make investment promotion a priority for his government," he said, highlighting that South Africa is called upon to mobilize its qualifications to enhance its appeal to the strong rise of the new continental powers. In its 2018 report, Ernst & Young pointed out that Morocco remains one of the most attractive destinations for investments in Africa, suggesting that the strength of the Kingdom is mainly its "steady" economic growth and political stability. The Office highlighted that Morocco, with a stable environment and strong economic foundations, had attracted the largest number of foreign direct investments in Africa in 2017. The Office was particularly interested in the auto industry, which has become one of the main pillars of the Moroccan economy. Continues to attract investors to Morocco, especially as the Kingdom intends to strengthen its position as a global hub for this promising industry.
In North Africa, the region that brings together Morocco, Algeria, Tunisia, Libya and Egypt, the kingdom itself is an undisputed leader in acquiring 52 per cent of total foreign direct investment in the region, ahead of Egypt, which ranked second with 30 per cent. Like South Africa in South Africa, Nigeria in West Africa and Ethiopia in East Africa, Morocco is the main economic power in North Africa, Ernst & Young said.
According to the report, Morocco, South Africa, Nigeria and Ethiopia alone account for 40 percent of total foreign direct investment across the continent. "Morocco has been able to enhance its attractiveness thanks to its political stability and the adoption of courageous reforms in recent years," Graham Thompson, director of Africa at Ernst & Young, told Magharebia in Johannesburg.
Mr. Thompson added that Morocco has been able to create an environment conducive to investments through a series of reforms adopted in recent years. These reforms provide strong guarantees to investors, particularly in protecting their projects and providing conditions for the development of their activities.
He considered that these reforms gave Morocco a prominent place among the international community.
The official in the office of "Ernst & Young" that Morocco has another important advantage, which is strategically important, adding that Morocco's proximity to Europe facilitates exchanges between Morocco and the old continent.
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