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Context for the country’s growth and startup potential
Matt and I have been in Morocco for almost two weeks now, last week, attending GITEX Africa in Marrakesh hosted by the Dubai World Trade Center and this week exploring the startup ecosystem in Casablanca. Renew Capital has had a small presence in Morocco since January and we are currently sourcing startups for investments as part of Renew Venture Lab (apply here). We have so much to learn still, but these are some of our key takeaways so far.
- Taking Their "Game Up": The 2030 FIFA World Cup is a tri-country event with Portugal, Spain and Morocco set to play host. Moroccans are inspired (and perhaps a little nervous!) that they will be compared to the two other countries. Competition is good and we predict continued improvement in quality across the services sector, and a boom in real estate and services industries, along with the creation of new tech companies that Europeans are used to in their home country. Sidenote: The airline, Royal Air Maroc is slated to quadruple!
- A Better Wall?: Morocco and other countries in Northern Africa will need to absorb a massive amount of migrants looking for a life - but being rejected entry - into Europe. We see huge potential (or problems if not done) for Europe to help build up factories and invest in job-absorbing industries in Northern Africa to minimize migration. Look for a boom in high job creation industries.
- Windfall of Too Much Tourism: Spain received 85 million tourists last year and many want to move there. But some say Spain is now starting to burst at the seams. Morocco is a great country to absorb that spillover. Look for a big boom in the tourism industry!
- Long Live the King: Moroccans LOVE and trust their King and they believe the monarch has a good plan to build their country. This also creates stability and focus - people work hard when they're not worried about politics. Given the factors above and the stability, look for GDP growth to beat forecasts.
- Homeward Bound: Amid Europe's polarized migration debates, descendants of Moroccan immigrants are moving back to Morocco. Seeking better opportunities and reconnecting with their heritage, many find support through platforms like "J’ai décidé de m’installer au Maroc" on Facebook and "Vivre au Maroc" on Instagram. Despite adjustment challenges, positive feedback highlights Morocco's appeal for social and economic advancement, with returning diaspora contributing to the nation's growth. There’s little to no brain drain problem in Morocco!
Go Deeper on Morocco?
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