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Morocco’s foreign direct investment surges 55%: $1.64 billion in 2024
Foreign direct investment (FDI) in Morocco rose significantly in 2024, reaching $1.64 billion—a 55% increase from $1.05 billion in 2023—according to the World Investment Report 2025, published by the United Nations Conference on Trade and Development (UNCTAD). This marks a critical milestone for the country as it strengthens its position in North Africa’s investment landscape.
FDI growth amid regional leadership
Morocco’s total FDI stock reached $61.5 billion by the end of 2024, up from $59.5 billion the previous year, showcasing sustained investor confidence in its economy. Alongside Tunisia and Egypt, Morocco has played a vital role in driving North Africa’s investment growth, with Tunisia experiencing a 21% rise in FDI to $936 million, while Egypt recorded robust increases.
However, Morocco's outbound investments declined during the same period, with overseas investments falling to $694 million in 2024 from $1.2 billion in 2023. This shift suggests a stronger focus on domestic priorities.
The construction sector remained pivotal for FDI flows across Africa, addressing infrastructure gaps and urban development needs. Morocco, along with Ghana and Kenya, secured medium-sized infrastructure projects, while Egypt and South Africa attracted larger-scale investments.
Africa's investment renaissance
Across Africa, FDI flows surged 75% in 2024, reaching $97 billion, accounting for 6% of global inflows. Even excluding a major international urban development project in Egypt, Africa’s FDI grew by 12% to $62 billion. Renewable energy projects were a key driver, with Morocco playing a role in green energy initiatives.
Morocco’s green ammonia and industrial fuel project, along with renewable energy initiatives in Tunisia, Namibia, and Egypt, highlighted the continent’s increasing focus on sustainable investments. However, the number of international project finance contracts across Africa decreased by 3%, reflecting challenges in project implementation despite rising value.
Challenges to sustained growth
Despite the 55% growth in 2024, Morocco’s FDI remains a far cry from its 2018 peak of $3.6 billion, representing a 54% decline over six years. Analysts attribute this to global economic uncertainty—driven by inflation, the Ukraine conflict, and trade tensions—as well as intensified regional competition.
Egypt, for instance, has captured a growing share of African FDI by offering aggressive incentives and establishing attractive free zones. Internal issues in Morocco also hinder investment, including procedural delays, governance inefficiencies, and insufficient infrastructure to host large-scale projects.
Strengths and future outlook
Despite these challenges, Morocco retains distinct advantages. Its macroeconomic framework remains relatively stable, its legal environment is investor-friendly, and its extensive network of over 50 free trade agreements provides preferential access to more than one billion consumers worldwide.
As the country continues to attract medium-scale renewable energy and infrastructure projects, its focus on sustainability and structural reforms could pave the way for long-term investment growth. With regional competition intensifying, Morocco’s ability to streamline administrative processes and enhance governance will be critical in maintaining its status as a leading investment destination in North Africa.