Morocco has made significant progress in attracting investments, rising to fourth place in the African continent, according to a report by Rand Merchant Bank, a subsidiary of the South African financial group FirstRand. The report, "Where to Invest in Africa 2026-2027," highlights Morocco's strong economic growth and industrial development as key factors driving this improvement. The country's GDP growth rate reached 4.9% in 2025, and its inflation rate remained below 3% from 2024 to mid-2026.
The report notes that Morocco is the only country to have moved up to the top five in the ranking, surpassing South Africa. The country's industrial transformation has been a major driver of this performance, with its automotive production nearly doubling since 2015. The expansion of production capacities by Renault in Tangier and Stellantis in Kenitra has contributed to this growth. Morocco's automotive sector has become a significant contributor to the country's economy, with exports of vehicles and components reaching a record 157.6 billion dirhams ($15.7 billion) in 2024.
The growth of Morocco's automotive sector has enabled it to maintain its position as the country's leading export sector, ahead of phosphates and agriculture. The sector's growth has been driven by increased production and exports, with the number of vehicles produced in the country increasing significantly. The report also highlights the recovery of foreign direct investment (FDI) in Morocco, which reached $1.7 billion in 2024 and $3.3 billion in 2025, representing a 91% annual increase.
The tourism sector has also played a significant role in Morocco's economic growth, with the country welcoming 19.8 million visitors in 2025. Tourism revenues reached 124 billion dirhams ($13 billion) in the first 11 months of 2025, representing a 19% annual increase. These figures are record highs, and the sector is expected to continue growing, driven by Morocco's bid to host the 2030 FIFA World Cup with Spain and Portugal.
Morocco's investment in infrastructure is expected to continue, with plans to invest around $5 billion in infrastructure related to the 2030 FIFA World Cup. The country aims to attract 26 million tourists per year by the end of the decade. The report highlights Morocco's strong economic fundamentals, including its low inflation rate and high GDP growth rate, which make it an attractive destination for investors.
The Rand Merchant Bank report also notes that Morocco's economic growth has been driven by its diversified economy, with a strong focus on manufacturing and exports. The country's strategic location, bordering Europe and Africa, makes it an attractive hub for trade and investment. Morocco's business-friendly environment and investment incentives have also contributed to its improved ranking in the report.
Overall, Morocco's improved ranking in the Rand Merchant Bank report reflects its strong economic performance and investment attractiveness. The country's focus on industrial development, tourism, and infrastructure investment is expected to continue driving its economic growth and making it a major player in the African economy.
Key points
- Morocco has risen to fourth place in Africa's investment attractiveness ranking, driven by its strong economic growth and industrial development.
- The country's automotive sector has become a significant contributor to its economy, with exports reaching a record $15.7 billion in 2024.
- Morocco aims to attract 26 million tourists per year by the end of the decade, driven by its bid to host the 2030 FIFA World Cup.
