Morocco is committed to the automotive sector
The automotive sector is one of the most important industries in Morocco. Aware of this, and with the aim of continuing to promote its growth, the Ministry of Industry and Trade has signed an agreement with the Moroccan Association of Automotive Industry and Trade (AMICA) and the Crédit Agricole du Maroc (CAM) bank to create a financial tool to support operators in the automotive sector.
As reported by Rue20, the document was signed by the Minister of Industry and Trade, Ryad Mezzour, the President of AMICA, Hakim Abdelmoumen, and the Chairman of the Board of Directors of CAM, Mohammed Fikrat. Through this plan, better conditions for the sector and digitised financial tools will be achieved. In addition, professionals in the sector will receive increased support to achieve local and deep integration.
This agreement follows the High Orientations of King Mohammed VI, who, during his speech on 29 March at the 1st National Industry Day, stressed the importance of strengthening productive investments and support for companies in order to accelerate the establishment of the Kingdom in promising sectors, the creation of quality jobs and the expansion of the territorial footprint of Moroccan industry.
The automotive industry, along with agriculture and textiles, is one of the strengths of the Moroccan economy. At the end of April 2023, the automotive industry achieved a growth in exports of more than 40%, reaching a projected export turnover of more than 130 billion dirhams by the end of 2023, according to figures collected by the Moroccan media. The Kingdom is thus consolidating its position as the largest automotive manufacturing centre in Africa. It is also positioning itself as a key player in the electric car sector.
Morocco has succeeded in creating its first Moroccan-made car while taking important steps in the sustainable car industry. Last May, Mohammed VI presided over the presentation of the first "Made in Morocco" vehicle and a prototype of a hydrogen car, also made in Morocco.
"The automotive sector is undergoing a major transformation in terms of product, moving from a car with mobility to the integration of industrial processes such as Industry 4.0, digitalisation of processes and decarbonisation," Hakim Abdelmoumen explained to MAP. For this reason, Abdelmoumen stressed the need for "adequate funding to support these new dynamics".
On the other hand, Ayda Fathi, director of the Automotive Division at the Department of Industry, indicated that this agreement, aimed at both national and foreign actors, is a firm step towards strengthening investment and support for companies. It will also help the Kingdom achieve greater visibility on the continental and international stage.
Speaking to the Moroccan news agency, Mohammed Fikrat stressed the importance of this agreement, recalling that CAM has played a key role in the state's support programmes in agriculture and rural development activities.
