Morocco’s aerospace sector reaches $1 billion

Morocco’s aerospace sector reached a value of 10.68 billion dirhams ($1 billion) in revenue in the first five months of this year, reports Morocco World News.

This number represents an increase of 17.6% compared to the same period last year.According to new data from the Moroccan Foreign Exchange Office, the increase is attributed to higher sales in the assembly sector.

Over the past decade, Morocco has worked to strengthen its aviation sector with the aim of transforming the country into a world power in this industryTo this end, the Kingdom has established links with major manufacturers to promote its aerospace market.

Just like the aviation sector, the automotive industry is also a key driver that contributes significantly to the development of the North African economyThe automotive sector grew 12% to over 67.4 billion dirhams ($6.4 billion) at the end of May.

This development is related to the supply of structural elements, electrical installations, as well as the production of vehicle interiors and seats.

A report by the United Nations Conference on Trade and Development (UNCTAD) last year highlighted that the automotive sector in Morocco has undergone a strong transformation from the assembly stage to the production stage.

The report also noted that the Kingdom’s success in attracting international companies can be attributed to its significant investments in infrastructure, the creation of special economic zones with tax reliefs and incentives, and proximity to Europe.

The currency exchange also released data on Morocco’s phosphate activities, showing a 5.3% increase in exports of phosphates and their derivatives.

The report explains that the increased development is attributed higher sales of natural and chemical fertilizers and phosphates, despite the decline in phosphoric acid exports.

Meanwhile, exports from the electronics and electrical sector fell by 6.7% due to a 23% decline in sales of electronic components.

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