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Minister: Tourism Assets Make Morocco a Prime Destination for Investment

Source : | 21 October 2020 |  Economy | 163 views

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Rabat – Minister of TourismNadia Fettah Alaouisaid Monday that Morocco has all the assets to be a destination of choice for investment in the tourism sector.“We firmly believe that Morocco has everything it takes to be a destination of choice for investement in tourism, and we remain convinced that the achievements will meet our expectations,” the minister said, according to state media.Alaoui made the remark during a signing ceremony of a Memorandum of Understanding between the tourism ministry, Club Med Group, the Moroccan National Tourism Office (ONMT), and other public administrations.The MoU concerns the renovation of the Yasmina Club in Tetouan, the development of a new village in the Mogador tourist resort in Essaouira, and the extension and renovation of the Club Med village in Marrakech.Alaoui is confident in the partnership’s potential to make Morocco a destination of choice for investment intourism.The minister said the partnership helps to “anchor a little more” the historical ties between Morocco and Club Med, which established a presence in the country in the early 1960s. The relationship started after the opening of Club Med’s first vacation spot in Al Hoceima, northern Morocco, one of its first investments outside Europe.“This mutually beneficial relationship, and which continues until today, must be strengthened,” Alaoui said.Morocco has started implementing measures to revive the tourism sector, one of the key industries directly affected byCOVID-19.The Ministry of Tourism announced a recovery plan for the tourism sector last month.Morocco also opened borders to visa-exempt nationals with hotel reservations and business people with invitations from Moroccan companies.Under the new measures, Agadir and Marrakech recently welcomed their first groups of French and British tourists since the outbreak of the pandemic.Tourism contributes 11% of Morocco’s GDP. COVID-19 caused Morocco’s tourism sector a loss of MAD 18.2 billion ($2 billion) in the first seven months of 2020. The number represents a decline of 44.1% in revenue.

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