Currently contribution around 5% to country GDP, Morocco's automotive industry has developed rapidly over the past decade years, supported by the country's strong political and macroeconomic stability, favourable business environment and strategic geographic location. In recent years, Morocco has overtaken Egypt as the largest automaker in North Africa and the second largest in Africa, behind South Africa.
The rapid expansion of the domestic automotive sector can be attributed to government initiatives aimed simulating industrial development and production. Introduced in 2014, the Industrial Acceleration Plan (PAI) aims to boost industrial contribution to GDP from 14% to 23% by 2020 and create 50,000 new jobs. Under the programme, productive industrial clusters, or ecosystems, are to be developed in order to simulate growth, competition and the creation of dynamic and complementary industries. Sectors targeted under the PAI include automotive, aeronautics and textiles.
Under the current development plan, the PAI has created a US$ 2.18 bn Industrial Development Fund to allow for the consolidation and modernisation of Morocco's industrial activities and is targeting 90,000 new jobs and exports of US$ 10.2 bn by 2020. This initiative follows the 2009-2015 National Pact for Industrial Emergence (PENI), which targeted the development of key export industries including automotive, agribusiness and pharmaceuticals.
For more information about this report visit http://www.researchandmarkets.com/research/5bftpz/morocco