What question did this study set out to answer?

This examination focuses on understanding the factors driving Morocco's foreign direct investment (FDI) in Africa.

January 23, 2026Open Access

Determinants and Potential of Moroccan Investment in Africa: A Development and Regional Integration Perspective

NTNora TananeMohammed V University ASAbdelkader SalmiMohammed V University BCBadre Eddine ChegriMohammed V University

Puntos clave

This examination focuses on understanding the factors driving Morocco's foreign direct investment (FDI) in Africa.
Analyzed outward FDI stock from Morocco to 25 African countries from 2010 to 2022.
Utilized an augmented gravity framework for assessment.
Investigated the impact of macroeconomic conditions, institutional quality, and relational proximity on investment patterns.
Morocco's GDP and host-country GDP are not significant in predicting FDI outcomes.
Geographical distance correlates positively with outward FDI.
Factors such as high-level visits, political stability, and a shared language drive investment, highlighting unusual patterns.

Resumen

This paper examines the determinants and potential of Morocco’s outward FDI stock in 25 African countries over 2010–2022. Using an augmented gravity framework, it assesses how macroeconomic conditions, institutional quality, and relational proximity shape South–South investment patterns. Results diverge from standard gravity expectations: neither Morocco’s GDP nor host–country GDP is significant, while geographical distance is positively associated with outward FDI. High–level visits, political stability, and a shared language emerge as key drivers. A model–based benchmark identifies destinations where Morocco’s investment presence remains below model–implied levels, informing development–oriented investment prioritisation. This is a preprint version of the manuscript intended for submission to a peer-reviewed journal.

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