The Moroccan government and Gotion High-Tec signed an MoU in June 2023 regarding the EV battery factory. Credits: Morocco World News

Morocco predicts that foreign direct investment (FDI) in its automotive and green hydrogen sectors will grow, according to a report by the country’s Ministry of Economy and Finance.  

The report highlights the success of the Morocco Offer in attracting investments. It is a government initiative designed to attract and streamline green hydrogen projects. For example, Morocco said it would allocate 1m hectares of land for the development of projects. The Prime Minister’s office said it would help the country “play a major role in the field of energy transition globally.”  

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The Moroccan Agency for Sustainable Energy says the offer has prompted interest from 40 international investors, mainly from the US, the Middle East and Europe.  

Regarding the automotive sector, the report pointed to Chinese company Gotion High-Tech’s sustained investment interest. In 2023, Gotion announced it planned to build the country’s, and Africa’s, first EV battery factory.

While it is initially planned that the factory will have a battery capacity of 20 gigawatts per hour (GWh), plans to increase this to 100 GWh could grow the investment to $6.5b. Its ties and access to European and US markets amid a rise in global import tariffs make it an ideal location for Chinese automakers.  

Net FDI inflows in the first eight months of 2024 reached $4b, 55.1% higher than the same period in 2023. The growth is explained by a 13.9% increase in revenues to $7b and an 18.6% decrease in expenditures to $2.7b.

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In 2023, France was the leading investor in Morocco, making up 33% of FDI, with the UAE making up 10%, Britain 8% and Spain 7%.  

Morocco’s green hydrogen push is fueled by its access to solar and wind resources. The government hopes that its political stability will also be an attractive feature for investors.