Africa : the world’s leading industrial producer by 2050
Over the next decade, 20 million new workers will enter the African labor market every year. By 2035, Africa’s working population will outnumber that of India and China with a growing workforce. Current growth models based on the development of primary resources are not sustainable. A new strategic ambition is emerging for Africa. Several countries are already following new industrialization pathways. By 2050, Africa could become the world’s new factory.
China’s production overcapacity and rising wages will initially lead to the relocation of the most labor-intensive activities. By signing an agreement with China in March 1995 to host 200 industries in the north of the country, Morocco has clearly understood the potential gains it could draw from a dual integration into the European area and the Economic Community of West African States (ECOWAS).
In Tangier, BANK OF AFRICA is committed to the creation of an industrial city "Tanger Tech Mohammed VI City" a triangular production and exchange platform between China, Morocco and the rest of the world. This city should host more than 200 Chinese companies and employ more than 200,000 people in the industrial, housing, health and education sectors over the next ten years.