The Moroccan economy is showing robust performance in terms of foreign direct investment (FDI), with flows constantly increasing. However, this growth hides a complex reality, made up of challenges and paradoxes that must be overcome to consolidate the Kingdom’s position on a global scale.
A reading of the data from the 2024 annual report of the Moroccan Foreign Exchange Office entitled “Balance of Payments and International Investment Position of Morocco”, according to the 6th edition of the International Monetary Fund’s Balance of Payments and International Investment Position Manual (BPM6). The indicators are established on the basis of provisional data as of the end of June 2025.
■ A significant leap: Foreign direct investment recorded a significant jump during the first seven months of 2025. The net flow of FDIs amounted to 17 billion Dirhams (USD 1.88 billion) , an increase of 25.6% compared to the same period in 2024. This performance is explained by an increase in revenue (+26.8%) and a moderate increase in expenditure (+28.3%), specifies the Foreign Exchange Office in its bulletin on monthly indicators of foreign trade for July 2025. What about the 2024 balance sheet? Morocco’s overall external position at the end of 2024, although in debt, saw the stock of FDI increase by 7.5% to reach 633.3 billion Dirhams (USD 70 billion) .
■ Diversification of partners : This positive momentum is driven by new players, particularly the United Arab Emirates, which became the leading investor in Morocco in 2024, accounting for 18.9% of total net FDI inflows. Inflows from the Emirates rose by 57.8% to MAD 3.1 billion (USD 343 million). Germany and China follow in the rankings, with net investments amounting to MAD 2.1 billion (USD 233 million) and MAD 2.05 billion (USD 227 million) respectively in 2024. In terms of sectors, investments are concentrated in real estate, which accounts for 45.4% of net FDI flows, and manufacturing (45.2%). These two sectors captured 90.6% of total net flows. This distribution highlights the strategic nature of the manufacturing sector in the country’s development policy.
■ About 52.5% in 2024: The report indicates that the net flow of FDIs increased by 52.5% in 2024, reaching 16.3 billion Dirhams (USD 1.78 billion) . This performance is the result of an increase in revenues of 4.1 billion Dirhams (USD 454 million) and a decrease in expenditures of 1.6 billion Dirhams (USD 177 million) . The national economic environment, characterized by notable resilience, also contributed to this dynamic despite international uncertainties . In summary, the stable macroeconomic policy, the progression of strategic sectors such as real estate and industry, as well as the diversification of economic partners are the main drivers of this positive trend of FDIs in Morocco.
Fatim-Zahra TOHRY
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