Morocco Intensifies Efforts to Revive Economy

Investments in Morocco

They have established a variety of companies in morocco following the availability of resources. They have founded these companies to explore the country’s resources, especially as it is still developing. In 1980, the north African country was profoundly in debt. However, following the reign of King Mohammed VI in 1999, there has been a stabilization. Mohammed’s sovereignty accomplished a steady economy attributed to reduced rates of inflation, increased job opportunities, etc. The country has resolved to renew its energy sector and promote continued use of its resources.

Casablanca

For quite some time, Casablanca has been dormant because of unidentified discoveries. The kingdom has directed its synergy to promote its growth. For instance, Casablanca is enthusiastic about developing the energy sector. Morocco has invested fortunes amounting to approximately 2.26 billion for enhancement of the energy sector since 2006.

The country’s efforts to sustain its economy have been significantly improving. Such as, in 2019, the kingdom set out to diversify its energy sources. This involved halting and excluding gasoline, diesel, and fuel from their exports and diverting to alternative forms of renewable energy such as solar, wind, and hydro. As a result, it led to a reduction in its budget. For the outlays, promoting extra expenses had been eliminated. Implementation of these alternative forms of energy has contributed to the country’s growth i.e., in terms of the citizens’ well-being. Because the substitute forms of energy are affordable and readily available, unlike e.g., diesel, which needs importation and often fluctuates in price.

Production and harnessing of solar energy in the country have resulted in controlled expenses. They established the plants to produce electricity for local consumption. However, it is currently considered vital. This attributes to the 12 to 30MW power plants. Hence most of this energy is used in mining companies within the country and also for photovoltaic plants.

Morocco’s Plan

The north African country has started a goal to enhance the production of renewable energy, amounting to 2GW each. Besides, it targets electricity production from solar of about 42 to 50% come 2030. They base these objectives on a strategic maneuver to attract many investors.

Other than energy, the kingdom has also mushroomed investment in its transport, port, and industrial sectors. They are providing citizens with alternative forms to improve their living standards. Of all its achievements, the most eminent is the free commercial zone and its latest harbor near Tangier. These accomplishments have rendered morocco competitive in business.

Through joint treaties with the USA, Morocco has boosted its economic growth. For through these treaties, mutual, fair, and just agreements involved hence contributing to the development of the country. Also, advanced status with the EU in 2008 furthered Morocco’s progress to great heights.

challenges

Despite the significant accomplishments in the country’s economy, they still bound it is still to some alarming issues. The kingdom suffers from poverty, high levels of unemployment, and also illiteracy, among others. However, the most crucial of them is illiteracy. Most of the Moroccan citizens are highly illiterate because of low or no education. With few literate individuals in the country, it is challenging being that education is a path to success. More so in job opportunities in need of literate applicants. Poor harvests in Europe also contributed to their decline as they relied on exports from them.