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Morocco's Ambassador to Korea Chafik Rachadi, second from left, and other guests attend the Morocco Now roadshow promoting investment and trade opportunities in Morocco on the occasion of the 60th anniversary of diplomatic relations at Lotte Hotel Seoul, July 5. Yonhap

North African country shows strength in car, aerospace industries

By Kwon Mee-yoo

Meryem Kabbadj, acting export director of the Moroccan Agency for Investment and Export Development

The Kingdom of Morocco held a major roadshow called Morocco Now in Korea last week to promote the country's competitive industries and boost economic cooperation with Korea on the occasion of the 60th anniversary of diplomatic relations between the two nations.

Morocco Now is the North African country's new brand campaign, highlighting Morocco's business-friendly environment and competent automotive, aeronautics and textile industries.

Meryem Kabbadj, acting export director of the Moroccan Agency for Investment and Export Development (AMDIE), emphasized the importance of a diversified economy for Morocco and opportunities for Korean investors.

"AMDIE is a public entity under the umbrella of Morocco's Ministry of Industry and Trade and our mission is to grow and promote investment and export opportunities in Morocco," Kabbadj told The Korea Times during an interview at a hotel in Seoul, July 5.

"We work across all the key industries in Morocco with competitive advantages including in aerospace and the automotive industry as well as agro-industry, textiles and leather, pharmaceuticals and so on."

Morocco's automotive industry has been experiencing double-digit growth for the past few years and it is now Morocco's top exporting sector, making the country a leading car producer in Africa.

With more than 250 companies in the automotive industry, Morocco could be the next destination for Korean carmakers.

"Our supply chain is very integrated, very diversified. It comprises of exterior parts, interior parts, wiring harnesses and other components," she said.

Kabbadj attributed the success of the Moroccan automotive industry to its proximity to major markets and free-of-duties access to those markets.

"How did we manage to build this success story in the automotive industry? It is due to free-of-duties access, proximity and good logistics to the major markets throughout the world," she said.

For instance, the Renault facility in Morocco is connected to the Tanger-Med Port, the largest transshipment port in the Mediterranean with 9 million TEU (twenty-foot equivalent units) a year in terms of capacity.

"In addition to the good infrastructure, we have a skilled workforce supporting the growth of this industry ― skilled workers, technicians, operators, engineers and middle management. Another driver is the stability of the country. When you invest in heavy industries with large investments, you need to be sure of a stable environment and Morocco offers this," she explained.

Aeronautics is another strong Moroccan industry as it possesses a partnership with Boeing, a leading manufacturer of airplanes and rockets.

"I know that the Korean aerospace industry possesses a good level of knowledge in infrastructure work and there might be some opportunities to develop between Morocco and Korea in the aerospace sector, in addition to the automotive industry, which we already discussed," the director said.

Kabbadj emphasized that Morocco wants to increase the level of integration of new technologies and Korea can be a good partner in this.

"When it comes to investments, we try to attract companies operating in new sectors and new capabilities, which are considered as missing links in our value chain. So those activities will be granted a higher level of support," she said.

"Not only do you have the cost competitiveness, the good logistics, the free-of-duties situation and the access to all the support from the government, but also there are a great set of incentives that are available to support and help the companies to invest in Morocco."

The AMDIE official said direct subsidies are provided in the form of tax incentives and training subsidies.

"We have highly skilled workers and it's because we invested a lot in the training institutes. We have dedicated training institutes for the automotive (industry) for instance. The training program is designed with the investing company along with the government support to match the need of the suppliers and of the OEMs," Kabbadj explained. OEM refers to original equipment manufacturer, which manufactures components for use by another company to sell a finished product on the market.

Morocco's New Development Model launched by King Mohammed VI includes investment in sustainable green energy in order to be competitive in low-carbon industries, and the country has vowed to source over 50 percent of its electricity from renewable sources by 2030.

"Morocco has this advantage of investing in renewable energy in advance. We are a leader in the region. We have good wind and solar potential that will allow us to decarbonize our industry and we have a new roadmap for green hydrogen. So Morocco is advanced when it comes to renewable energy resources and it will help increase our competitiveness."

Kabbadj said the Moroccan delegation's visit to Korea has been successful, holding several meetings with Korean companies and business associations.

"We are here to enhance economic relations between our two countries ― to increase the Korean investment in Morocco and to increase Morocco-Korea bilateral trade.

"During the meeting with the Korea Importers Association (KOIMA), the members were very interested in the opportunities available in Morocco and we look forward to continuing discussions in this field," she said.

"We look forward to strengthening this collaboration. It's a good dynamic and we feel that there is a good potential to explore in different sectors, either for investment or for trade."

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