Finance

Morocco will be a major hub for the European automotive industry after the covid-19 (Fitch Ratings)

Tuesday, 28 April 2020 11:42
Morocco will be a major hub for the European automotive industry after the covid-19 (Fitch Ratings)

(Ecofin Agency) - Morocco is well-positioned to take advantage of the revival of the European automotive industry, once the coronavirus crisis is over, according to rating agency Fitch Ratings. The country tops the Risk/Return Index ranking developed by the institution, ahead of Egypt.

“We believe that countries in North Africa, specifically Morocco and Egypt, will benefit from the restructuring efforts of Original Equipment Manufacturers (OEMs) post-Covid-19 as they will seek to reduce their dependence on Chinese manufacturing and shorten their supply chains,” the Agency said.

Fitch believes that car manufacturers will want to get as close as possible to their markets, but will take into account the situation that the new coronavirus has imposed on them in China. For Morocco, this would represent a major growth driver after covid-19.

The country of King Mohamed VI has resisted well on the budgetary front, with tax revenue mobilization targets reaching up to 24.1% during the first quarter of 2020, depending on the situation of the government's resources and charges at the end of March 2020. However, the expected decline in automobile production is likely to be a challenge. The sector is the leading provider of export revenues.

Idriss Linge



 
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