Morocco's aerospace sector reaches 1 billion dollars

Morocco's aerospace sector has reached 10.68 billion dirhams (1 billion dollars) in revenues during the first five months of this year, Morocco World News reports. 

This figure represents a 17.6% growth compared to the same period last year, according to new data from the Moroccan Bureau de Change, which attributes the increase to higher sales in the assembly field.  

Over the past decade, Morocco has worked to boost the aviation sector with the aim of transforming the country into a world power in this industry. To this end, the Kingdom has established contacts with major manufacturers to promote its aerospace market. 

Like the aviation sector, the automotive industry is also a key driver that contributes significantly to the North African economy. The automotive sector has grown by 12% to over 67.4 billion dirhams (6.4 billion dollars) at the end of May. 

This development is due to shipments related to construction, wiring, as well as the manufacture of vehicle interiors and seats. 

A report last year by the United Nations Conference on Trade and Development (UNCTAD) highlighted that the automotive sector in Morocco underwent a strong transformation from assembly to production.  

This report also noted that the Kingdom's success in attracting multinational companies can be attributed to its significant investment in infrastructure, the establishment of special economic zones with tax exemptions and incentives, and its proximity to Europe.  

The Bureau de Change also shared data on Morocco's phosphate operations, indicating that exports of phosphate and its derivatives increased by 5.3%. 

The report explained that the increased development is attributed to higher sales of natural and chemical fertilisers, as well as phosphates, despite a decrease in exports of phosphoric acid.   

In contrast, exports from the electronics and electrical sector decreased by 6.7% due to a 23% drop in sales of electronic components.