(MENAFN) The Moroccan Investment Ministry said that it is planning to boost state spending in support of industry and reform regulations as part of its effort to double foreign direct investment by 2020, The Peninsula Qatar reported.
FDI inflows in Morocco are currently running at an annual rate of about USD5 billion, a rate which the government thinks it can double by 2020 by focusing on manufacturing, particularly in the sectors of aerospace and autos
These foreign direct investments included the USD200 million plant being built by the Canadian plane maker Bombardier for the manufacturing of parts for its CRJ Series aircraft, as well as the announcement made by the Multinational industrial manufacturer Eaton Corp that it establishing a factory to make electrical distribution modules and protection devices in the country.
In order to increase these investments, Morocco plans to establish a public investment fund, which will have USD2.47 million in funds, with the aim of supporting strategic projects with state money, while its other plans include building a number of industrial parks across the country.
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