Shukri Alilj: The Stock Market as a Strategic Lever to Accelerate Manufacturing and Strengthen Morocco’s Economic Sovereignty
Shukri Alilj, President of the General Confederation of Moroccan Enterprises (CGEM), emphasized during the launch of a new stock market program for industrial companies that diversifying funding sources is a crucial lever for accelerating manufacturing and enhancing the economic sovereignty of the Kingdom.
Alilj pointed out that industry is not merely a production sector but a structural one that creates a multiplier effect across the entire economy, including transport, logistics, engineering, banking services, and insurance. He noted that every industrial job generates two additional jobs in the service sector.
He cited the example of phosphates, where the added value has multiplied fivefold between raw materials and the final export product, stressing that this reflects the primary goal of manufacturing: to invest local resources, enhance sovereignty, and build a sustainable future.
Achievements Supported by a Royal Vision
Alilj reviewed Morocco’s key industrial achievements over the past 25 years, highlighting the automotive, aviation, and renewable energy sectors. He stated that Morocco will be the largest car manufacturer in Africa by 2025, surpassing South Africa and Italy, with 80% of industrial integration in this sector achieved by 2030. In the energy sector, renewable energy production accounts for over 41% of installed capacity, paving the way for investments in batteries, electric mobility, and green hydrogen.
Overcoming Barriers and Positioning the Stock Market at the Heart of Financing
Despite these successes, Alilj stressed the need to overcome barriers that still hinder industrial development, such as training, innovation, labor laws, and administrative procedures, while emphasizing the diversification of funding sources through the stock market. He stated, “The stock market is not just a funding tool; it is a lever for transformation, governance, and competitiveness.”
He noted that the market capitalization in Morocco represents only 60% to 65% of GDP, compared to an average of 120% in OECD countries, with fewer than 80 listed companies, of which only 30 are industrial, whereas more than 200 potential candidates for listing have been identified.
A Cultural and Strategic Shift
Alilj highlighted that listing on the stock market contributes to changing institutional culture, shifting from ownership logic to a shared growth mindset, enhancing governance and transparency, and providing companies with the recognition and marketability necessary for their sustainability. He remarked, “For entrepreneurs, this is a moment of recognition for their efforts and a means to enhance and ensure the continuity of their companies.”
