PROF. PETER ANTERIST REPORTS FROM THE REGION
In today's newsletter, I would first like to introduce you to the Morocco location after visiting our partner Karim Ahniche in Casablanca a fortnight ago.
The coming years are likely to be the best that Morocco has experienced in a long time. According to the IMF, the economy there will grow by around 3.1 per cent this year 2024, and the International Monetary Fund is even forecasting growth of 3.3 per cent for 2025. Forecasts are notoriously difficult, especially when they concern the future, but the signs in this north-west African country are undoubtedly pointing to growth..
The upcoming investments in green energy, particularly in green hydrogen, speak in favour of this, as the necessary elements, sun and wind, are available in unlimited quantities. Morocco's geographical location, with long windy coasts in the north and the Sahara in the south, where the sun shines every day, naturally helps. By the way: Did you know that Morocco is the only country in Africa that borders both the Atlantic Ocean and the Mediterranean Sea? A logistical advantage that should not be underestimated.
But Morocco is also becoming increasingly important in more conventional areas of the economy: in 2023, Renault produced around one million Dacia brand cars here, of which around 80% were exported. The production of agricultural products is also steadily increasing and Morocco is becoming increasingly popular for IT services (especially outsourcing).
As a guest at the AHK Morocco, we learnt from Managing Director Katharina Felgenhauer and her deputy Claudia Schmidt that the proportion of German investment in Morocco is steadily increasing and that the planned expansion of the infrastructure - for example with high-speed trains - should also encourage companies to look at their own opportunities on the Moroccan market. Finally, some news for football fans: the largest stadium in Africa is being built in Casablanca for the 2030 World Cup: the "Grande Stade de Casablanca" will offer space for 93,000 football fans. |  |
If you are now curious about Morocco, please contact Karim Ahniche and his team!
There is one small drawback that tarnishes the beautiful picture of Casablanca somewhat if you want to fly with Lufthansa: Departure 01:15 in CMN, arrival 05:40 in FRA is not exactly subject to entertainment tax, which is why it makes sense to make a stopover in Lisbon, for example.
For me, this was not only an option because of the much more convenient flight connection, as it meant I could pay a visit to Portugal's capital, which I love so much, and to our partner Nelson Queirós.
 | In Portugal, politics is doing rather badly, while the economy is doing rather well. The government crisis of 2023 is not least due to the fact that many Portuguese feel that economic growth is not reaching them. Yet the economy is growing steadily, the financial crisis of 2008 has long since been overcome and the country is benefiting more than almost any other in the EU from the trend towards "nearshoring". Many companies now prefer to produce closer to their sales markets after the coronavirus crisis showed how fragile supply chains are. Portugal has now become the largest bicycle manufacturer in Europe. |
Traditionally tourism is an important branch and it is growing even faster: in 2023, there was another increase of 20 per cent and some hotels have now reached their capacity limits. There is continuing strong investment in infrastructure here, which also offers great opportunities for German companies. Portugal is and remains an exciting market, Nelson Queirós will be happy to advise you at any time (in English and German). |  |
In the next newsletter, I will give you a deeper insight into the Greek market, as we were in Athens on 14 May 2024 to launch InterGest Greece.
Until then, I wish you all the best, please stay with us!
Yours
Prof Peter Anterist
