Morocco is a promising emerging trade hub, according to Allianz Trade’s report “Global Trade Outlook 2024.” The report identifies 25 “next-generation” trade centers, among which Morocco ranks 20th.
Morocco’s strategic location at the crossroads of Europe, Africa, and the Middle East has been cited as a key factor in its ascent.
The country’s strong performance in three primary areas, trade potential (ranked 16th), connectivity (ranked 17th), and logistics performance (ranked 23rd), has propelled it into the global spotlight.
The report said that the Tangier-Med port, one of Africa’s largest, is a linchpin of Morocco’s ambitions to become a major global trade player.
The report said that the ongoing US-China trade dispute has fragmented global supply chains, driving businesses to diversify their partners and trade routes.
This dynamic has created an opportunity for emerging trade centers like Morocco to position themselves as strategic alternatives.
Morocco’s extensive network of free trade agreements, particularly with the European Union and the United States, has facilitated access to foreign markets. The country has also strengthened its role in the African Continental Free Trade Area (AfCFTA) as a gateway for investment into the continent.
The report cautions that emerging trade centers, including Morocco, will require substantial investment to modernize their infrastructure and maintain competitiveness.
Allianz Trade estimates that these centers will need approximately $120 billion in investment. For Morocco, this implies the need for significant public and private sector mobilization to finance such projects.
Initiatives like the Industrial Development Plan (PDI) and renewable energy projects, such as the Noor solar complex in Ouarzazate, are seen as steps in the right direction.
The report stresses the importance of sustainable financing strategies and enhanced cooperation with international financial institutions to realize these ambitions.
While Morocco’s prospects as a rising trade hub appear promising, the report also called for improvements in logistics efficiency. The country’s ranking of 23rd in logistics performance indicates the need for streamlining customs procedures and increasing the adoption of digital technologies.
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