(MENAFN - Morocco World News) Rabat – Morocco's Industrial Acceleration Plan is coming to fruition, according to Minister of Trade and Industry Moulay Hafid Elalamy. The plan is said to have created 89,884 job opportunities in 2017, representing an increase of 13,657 compared to a year earlier.
Elalamy made his comments on the Moroccan Industrial Plan during the cabinet meeting held on Thursday in Rabat.
'If this average is maintained, it would exceed the initial goal of the strategy, reaching 550,000 jobs' instead of 500,000 job opportunities.
In his presentation on the employment situation in the industrial sector since the launch of the plan in 2014, Elalamy noted that 'in 2015, a total of 52,376 positions were created in the industry, while 76,227 job opportunities were created one year after.' 2017, however, saw an increase in job opportunities in the industrial sector, which reached 89,884 jobs.
The official added that these results mirror an eminent progress and transformation, owing to the efforts made by Morocco through the creation of he Industrial Development and Investment Fund (FDII) and the signing of program-contracts intended to support the various industrial sectors, especially in the automotive, the free zones, agri-food, textiles, aeronautics, fishing and the pharmaceutical industry.
Elalamy also pointed out that the net creation of industrial employment picked up from 3,738 jobs in 2015 to 32,962 in 2016, before declining to 46,036 jobs. He added that this dynamic contributed to the acceleration of the rate of growth of the value added in the industrial sector, which went from 1 percent between 2013-2014 and 5 percent between 2014-2015 and 12 percent between 2015-2016.
This increase in industrial value, according to Elalamy, has had a positive impact on industrial integration as well as on industrial exports, which have been climbing since 2014, with an annual average of 10 percent.
In June 2017, the Secretary of State for Investment that 300,000 news industry jobs will be created in the next three years due to the Industrial Plan. One of the fastest-evolving sectors of the Moroccan economy, industry, is considered Morocco's true growth engine, consolidating Morocco's leadership in Africa.
Morocco's industrial project for 2020 is based on two major goals: first, the creation of half a million jobs, half of which are generated by Foreign Direct Investment (FDI) and another half from the restored national industrial fabric. Second, the creation of 9 percentage points from the industrial share in GDP, from 14 percent to 23 percent in 2020.