Morocco has encouraged its companies to invest in Sub-Saharan Africa to an extent that its geared 90% of its foreign direct investments to the region in the period spanning from 2010 to 2018, the Financial Times reported. Ethiopia, Côte d’Ivoire and Cameroon were top destinations of Moroccan investments, the publication said. Morocco’s exports to West Africa tripled between 2006 and 2016 said the UK newspaper in an insight on the Kingdom’s financial and economic strategy in the continent. Building up on its geographic location in the cross roads between Africa and Europe, Morocco set up Casablanca Finance City as a financial hub for companies willing to tap into the business opportunities in the continent. At the launch of CFC, Morocco’s ministry of finance estimated it would contribute about 2 per cent to gross domestic product and bring 35,000 new jobs.
Source: The North Africa Journal February 11, 2019 17:26 UTC