Morocco on track for record investment surge by 2030, study finds

Over $136 billion in projects expected as non-agricultural sectors accelerate

RABAT, Morocco (MNTV) – Morocco is expected to attract more than $136 billion in investment projects by 2030, according to a new report by Attijari Global Research (AGR) in collaboration with the Africa Development Club. 

The anticipated surge, equivalent to 0.6 times Morocco’s projected 2025 GDP, reflects strong momentum in non-agricultural sectors and a robust investment cycle already underway.

The report, The Moroccan Economy Through the Prism of Investment, highlights the continued strength of Gross Fixed Capital Formation (GFCF), which reached nearly 30% of GDP in 2023—placing Morocco ahead of many comparable economies. 

AGR forecasts that this pace will be sustained through 2030, supported by national development strategies and major international events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.

“Morocco currently resembles a vast open-air construction site,” the report states, noting that while global events act as catalysts, the country’s investment drive predates these milestones and is deeply rooted in structural reform and development goals.

Despite facing challenges such as persistent drought and unemployment, Morocco has shown resilience in the face of shocks—including the COVID-19 pandemic and the Al Haouz earthquake. 

Key infrastructure sectors—such as telecommunications, energy, water, and transport—are undergoing rapid expansion and modernization. 

This is seen as vital for boosting investor confidence and enhancing Morocco’s competitiveness in regional and global markets.

Exports and industrial diversification drive growth

Morocco’s export performance reflects the vitality of its productive sectors. In 2024, exports reached $47 billion, accounting for 28% of GDP. 

Industrialized goods now lead the portfolio, with automotive products comprising 34.5% of total exports—followed by phosphates and agri-food products, each representing around 19%.

Non-agricultural GDP growth surpassed 4% from 2024, driven primarily by strong export demand and ongoing investment. 

However, agriculture—still 16% of GDP—remains a drag on overall growth due to six consecutive years of drought.

AGR notes that from 2021 to 2025, GFCF has contributed an average of 0.7 percentage points to overall growth, which has hovered around 3.8%. 

In 2025, consumption is expected to rise by 4.6%, compared to a 3.0% increase in investment.

Private sector, banks to play greater role in investment strategy

Public investment is projected to reach $35 billion in 2025, or 20.7% of GDP. Most of this is funded by the Treasury and Public Establishments and Enterprises (EEP), which account for 76% of the total public investment budget.

The Mohammed VI Investment Fund stands out as a strategic tool, with $4.7 billion allocated to stimulate job-creating and high-value-added sectors. 

The fund aims to leverage $13 billion in total investments by 2026.

AGR emphasizes the growing importance of the private sector, which is expected to double its contribution to national investment from 33% to 66% by 2035, with a target of 50% by 2026. 

This transition calls for stronger engagement from private actors and a more investment-friendly environment.

Morocco’s banking sector is also positioned to support this shift. Bank lending, which has grown by 4.9% annually over the past five years and represents 75% of GDP, is expected to increase by 7% annually in the medium term. 

This growth will be underpinned by strong bank capital, profitability, deposit expansion, and a maturing financial market—supported by the stabilizing presence of Bank Al-Maghrib.