Written by 3:36 am Economy

Morocco 2nd most attractive African country for foreign investment, finds survey

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A recent survey by Ti Insights, a platform specializing in logistics markets research, unveiled a boom in foreign investment in Morocco, which ranked second after Egypt in Africa.

The same platform noted that “China and India ranked first globally, while on the African continent, Egypt came first, followed by Morocco, and then South Africa, Kenya, Ghana, Nigeria, Tunisia, Tanzania, Algeria, Uganda, Ethiopia, Mozambique, Angola, and finally Libya,”

“Morocco has the best business fundamentals in Africa, while Egypt was in first place due to international logistics, while Kenya is the most digitally ready country on the continent,” affirms the same source.

The survey, which assessed more than 50 nations globally that are projected to attract foreign investment in the future, placed Morocco ninth in the Arab world, with the United Arab Emirates first, Saudi Arabia second, and Qatar third.

According to “the Africa Logistics”, the study encompassed up to 800 logistics executives, ranking countries in terms of their overall competitiveness based on their logistics strengths, business climate, and digital readiness.

These elements increase the attractiveness of these countries to logistics providers, freight forwarders, air and sea freight firms, distributors, and investors.

“The 2024 index has changed the ranking of most African economies only slightly from the previous year, but companies indicate that they are looking forward to the massive population growth and trade expansion driven by the African Continental Free Trade Area (AfCFTA),” stated the same source.

It added that “international companies realize that the time has come for Africa. They currently need to invest, establish their brands, and develop the next generation of African talent if they want to ride the wave of the coming growth.

The findings revealed that over 63% of respondents are reforming their supply chains by deploying production to multiple locations or local markets and neighboring countries, similar to the practices seen in Africa.

The survey found that shipping and logistics costs, which witnessed an increase during the COVID-19 pandemic and its aftermath, are still rising, albeit at a slower rate.

To counter this, “shipping companies plan to raise their use of digital shipping services from 37.8% to 52% over the next five years,” adding that climate change is already impacting their business.

The survey also indicated the significant impact of rapid changes in geo-political relations on international trade.

As a consequence, “logistics companies are compelled to engage firms that possess knowledge of the prospects and challenges in emerging markets, use data analytics for a more comprehensive understanding of emerging markets, and redirect their decision-making processes.”

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