Moroccan Finance Minister Fathallah Oualalou has announced that his country "has reached maturity" as an attractive destination for foreign direct investment (FDI).
Citing the latest statistics by the minister, the total foreign investment for the first five months of the year was Dh26.8 billion, including Dh23.3 billion generated by the Maroc Télécom privatization, while tourism revenue and expatriate remittances were up 40 percent and 29 percent, respectively.
Foreign investment as a proportion of GDP was 3.6 percent in 2000, down from 5.3 percent in 1999 (a figure inflated by the second GSM license tender), but well up from an average 0.98 percent for the 1973 to 1998 period.
Oualalou, according to Upline Securities, attributed the recent boom in foreign investment to Morocco's strategic location, its integration into European markets, and the success of economic and political reforms.
He highlighted the increasing role played by the telecommunications sector, which has accounted for 59 percent of FDI since January 1999, and by the electronic components and cabling sector (16 percent) – Albawaba.com
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