Investments in Moroccan Tourism Sector Increase by 37% in 1999

Investments in the Moroccan tourism sector totaled some 671 million DH ($61 million) in 1999 compared to 490 million DH the previous year, recording an increase of 37 %.

A statement by the ministry of economy, finance, privatization and tourism said the increase was mainly due to the relatively high number of new facilities. This increase entailed an improvement of the quality of services and the consolidation of the sector's competitiveness.

Investments in new hotel compounds increased by 441 %, amounting to 465 million DH ($42.2 million) compared to 86 million DH in 1998. These investments enabled to create 2,449 new beds compared to 511 new beds in 1998.

Investments in refurbishment and extension works amounted to 206 million DH ($18.72 million) and provided 346 additional beds.

Morocco projects -- under the 2000-2004-draft economic and social development plan --to inject $ 750 million in the sector of tourism over the 2000-2004 period and targets to drain 4 million tourists by year 2004. In 1999, some 2.4 million tourists visited Morocco earning the country more than $ 1.8 billion in hard currencies.

Morocco's ambitious strategy to promote the sector evolves around encouraging the creation of highly competitive holdings and the promotion of private investments in new tourism areas. The Kingdom is expecting to attract private investments worth $1.0 million and is expecting tourism returns to reach $ 2.8 billion by year 2004.