Morocco Aims to Boost Domestic Manufacturing, Replace $9 Billion in Imports

During the web conference organized by Attijariwafa bank in collaboration with the Ministry of Industry, Trade and Green and Digital Economy on December 14, the question of the need for an online project bank, the main driver of the post-covid economic recovery, was addressed. The objective is to identify and support Moroccan industrialists in order to replace 9 of the $20 billion in imports with local products.

Currently 100 companies have been set up in this project bank, but the goal is to reach 500 companies, in order to cover more than $3 billion in imports by the 4th quarter of 2021, before gradually expanding to $9 billion in imports, according to the Minister of Industry, Moulay Hafid Elalamy. It will also be a matter of integrating young people, by granting them new opportunities with the implementation of public and private markets. In addition, 17 investment agreements worth $95 million were signed on November 11 as part of the 2021-2023 industrial recovery plan of the Ministry of Industry.

When the first project bank was launched, the government and the banking sector came together to support investment in the projects proposed by the entrepreneurs. Thus, efforts were made to disseminate information about the platform, to target and raise awareness among the various stakeholders. Moreover, the project bank constitutes a guarantee for potential investors, said Mohamed El Kettani, CEO of Attijariwafa bank, and an opportunity for the government to promote the national industry over imports in the local market.