"Positioned as an alluring prospect for investors, Morocco boasts a strategic location, modern infrastructure, and a government deeply committed to fostering foreign direct investment. This favourable business environment has played a pivotal role in propelling Morocco's growth and development."

Zurab Pololikashvili,
UN Tourism Secretary-General

"With a decade of 2.5% growth, Morocco has emerged as the fifth-largest country in Africa by GDP. This report emphasizes the role of tourism in Morocco's economic performance, grounding it in resilient fiscal and monetary policies, a stable political and socio-economic environment, and deliberate efforts to boost the sector".

Natalia Bayona,
Executive Director

Overview

Tourism is a crucial component of Morocco's economy, demonstrating significant growth in recent years. As of 2024, the country welcomed 17.4 million international visitors, with a 35% increase in arrivals compared to 2019. The sector's contribution to Morocco's GDP rose from 3.7% in 2020 to 7.3% in 2023, highlighting its importance.

Morocco has being the best performing destination in Africa for growth in international arrivals in 2024 in terms of receipts compared with 2019 levels, with a growth of 43%. International tourism revenue reached USD 10.5 billion in 2023, a 28% increase from 2019.

Over the last five years, Morocco has averaged USD 3.5 billion in FDI annually across all sectors. From 2014 to 2023, USD 2.2 billion was allocated to the tourism sector. Greenfield investments in tourism amounted to USD 2.6 billion between 2015 and 2024.

Economic Outlook

Morocco's economy has shown resilience with an average annual growth rate of 2.5% from 2015 to 2024. Projections for 2025 and 2026 forecast growth rates of 4.0% and 3.6%, respectively. The country's inflation remains below regional averages, enhancing its attractiveness as a stable investment destination.

Value Proposition

Morocco's strategic geographic location offers significant advantages, lying merely 14 kilometers from Europe and providing access to a vast market of approximately 2.5 billion consumers. The country boasts a rich cultural and natural heritage, being home to nine UNESCO World Heritage Sites and eleven National Parks.

Morocco features a well-developed infrastructure, including 19 airports, 27 commercial ports, and approximately 2,000 kilometers of highways. Between 2012 and 2023, the country's accommodation capacity increased by over 60%.

Dedicated Support for Investors, the Moroccan Agency for Tourism Development (SMIT) extends comprehensive guidance throughout the investment process. Morocco also provides a range of incentives for investors, such as competitive production costs and a skilled workforce. The government has outlined nine priorities in its roadmap for tourism from 2023 to 2026, which aim to enhance both international and domestic tourism.

Conclusion

With its strategic location, rich cultural heritage, robust economic outlook, and investment-friendly environment, Morocco presents a compelling opportunity for investors looking to capitalize on the growing tourism sector.