Morocco will increase its GDP by 10% in 2030 thanks to blockchain technology
- What is blockchain technology and what are its uses?
- Digital Morocco 2030
- Regulation of cryptocurrencies
- Foreign investment and global positioning
- Application of Artificial Intelligence in the Moroccan economy
Morocco is strengthening its position in the technology sector through the official implementation of blockchain technology and Artificial Intelligence as pillars of the Digital Morocco 2030 project, with an initial investment of more than 1.1 billion dollars up to 2026.
Through this new roadmap, the North African country's government hopes to increase its Gross Domestic Product (GDP) by 10% before 2030; attract more than 720 million dollars in foreign investment; promote and support the creation of more than 3,000 technology start-ups; train more than 45,000 people a year; and create more than 240, 000 jobs in all sectors.
The objective? To position itself among the leading countries in blockchain technology on the African continent and globally.
What is blockchain technology and what are its uses?
Blockchain technology, as its name suggests, is a chain of records that works in a similar way to a digital ledger in which transactions can be recorded in a completely secure way, without the need for intermediation.
To achieve this, it is essential to have large stations -servers- in which to store all the information. This is the most costly task, economically speaking. All these computers work in a coordinated way, so the possibility of the archived information being modified or falsified is practically non-existent.
Currently, this technology is closely linked to Artificial Intelligence due to its ability to improve efficiency and security. In addition, this technology is increasingly linked to the use of cryptocurrencies, a market in which Morocco also wants to explore new growth opportunities.
Digital Morocco 2030
Presented by the Moroccan Prime Minister, Aziz Akhannouch, in September 2024, the Digital Morocco 2030 Plan aims to place the North African country among the 50 technological powers in the world; to revalue human capital; and to simplify and digitise public services.
As part of the strategy, the minister delegate in charge of Digital Transition and Administration Reform, Ghita Mezzour, announced that several of the main public administrations will be unified through the creation of a unified portal that will compile all the digital administrative services called the Unified Administrative Services Portal.
The main services that will receive substantial improvements in their operation will be health, social protection, investment, education and employment. To this end, staff will receive training in the use of these new technologies.
Regulation of cryptocurrencies
Morocco, in agreement with Bank Al-Maghrib, lifted the ban on the use of cryptocurrencies and began the process of regulating them in 2017. Since then, the Ministry of Economy has held several meetings with the Ministry of Digital Transformation, due to the global increase in the impact and use of cryptocurrencies.
In this context, the governor of the Central Bank, Abdellatif Jouahri, announced that he would be considering the introduction of a cryptocurrency of his own called the Central Bank Digital Currency (CBDC). The reason for this measure is that both the Ministry of Economy and the Bank itself consider the creation of the CBDC to be the ‘fastest, safest and most effective way to modernise the economic system in accordance with the most modern technological standards’.
Among the reasons for this are the attraction of cryptocurrencies for the younger population and the low risk of corruption thanks to the implementation of a blockchain system.
Foreign investment and global positioning
Positioning oneself in the technology market is key. The implementation of digital currency is the order of the day. Countries such as France, Australia and South Korea have invested hundreds of millions of dollars in blockchain systems as a solution to the problem of data security and privacy.
So far, the Moroccan government has attracted several start-ups that have substantially improved the performance of companies in the textile, agricultural and energy sectors. This success is partly due to the favourable tax conditions offered by the North African nation through the New Investment Charter, which has been praised by companies such as Network International.
With regard to the local market, the Alaouite nation, through the Morocco Fintech Centre (MFC), has promoted nearly 20% of the 3,000 start-ups planned for 2030.
Application of Artificial Intelligence in the Moroccan economy
As envisaged in the Digital Morocco 2030 Plan, the use of Artificial Intelligence will be aimed at: improving public administrations and boosting businesses, especially in terms of job creation.
With regard to the first task, Morocco will modify the tax system so that it is automated using AI tools. The first result of this change will be a drastic reduction in corruption, and it will help the institutions responsible for managing citizens' data, supporting the privacy of digital identity.
Finally, in relation to the business and labour environment, AI tools will favour the growth of key sectors of the Moroccan economy such as agriculture, textiles and energy. As a result, the country will improve its competences at an international level, which translates into greater investment and the creation of more quality jobs.