UK-Morocco Business Dialogue: Attijariwafa Bank’s Ismail Douiri on why Morocco is Europe’s gateway into Africa

Morocco's economy has been a focal point of discussion at the UK-Morocco Business Dialogue in London, with Ismail Douiri, the General Manager of Attijariwafa Bank, shedding light on the country's economic reforms and its attractiveness to investors. The North African nation has been experiencing a robust growth rate of around 4%, outpacing many countries globally. Douiri emphasized that Morocco is aligning itself with European standards, fostering a business-friendly environment, witnessing steady yet rapid growth, and serving as a gateway for investment into Africa. The banking sector, led by institutions like Attijariwafa Bank, plays a pivotal role in Morocco's economic landscape. With a presence in 14 African countries, the banking industry in Morocco stands out as an exception on the continent. Douiri highlighted that banks in Morocco derive a significant portion of their revenues from operations in neighboring African countries, showcasing the nation's expertise and knowledge in the region. This strategic positioning has allowed Moroccan banks to offer advisory services to both local and international companies keen on investing in Africa, maintaining service levels that meet global standards. Morocco's proactive approach to business expansion and foreign investments is supported by a strong macroeconomic foundation. The country boasts a stable economic environment characterized by low interest rates, inflation, and a clear regulatory framework that has been investor-friendly for three decades. Additionally, Morocco has a robust stock exchange where major corporations are listed, reflecting Western standards and bolstering the nation's credibility as a business hub in Africa. Furthermore, the Moroccan government continues to enhance the business landscape by introducing reforms to attract more foreign investments. Initiatives such as simplifying business procedures, establishing one-stop shops, ensuring a transparent fiscal policy, and offering tailored incentives for large industrial ventures have stimulated economic growth and industrial diversification. Noteworthy success stories include the emergence of industries such as automobile manufacturing and aircraft components production, positioning Morocco as an integral part of the global value chain. Douiri expressed pride in presenting Morocco as a bridge between Europe and Africa, emphasizing the country's potential to facilitate increased economic engagements, especially in a post-Brexit scenario. As Morocco strengthens its ties with international partners and implements progressive reforms, it solidifies its status as a leading investment destination and a key player in driving economic development across the African continent. In conclusion, Morocco's commitment to economic growth, banking sector expansion, and business-friendly reforms underscores its strategic position as Europe's gateway to Africa, offering a wealth of opportunities for investors and businesses seeking to capitalize on the nation's dynamic and flourishing market.