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The Moroccan Economy in Brief: Saturday, May 18, 2019

Societe Generale Group focuses on intrapreneurship:
Societe Generale Group relies on intrapreneurship to accelerate its digital transformation. Around thirty startups, launched by the group's employees worldwide, are about to enter a development phase in order to offer technological solutions to the bank. These projects are the result of the Internal Startup Call, a major intrapreneurship program launched at the end of 2017.


Signing of an agreement creating the Moroccan-Bulgarian Joint Chamber of Commerce:
An agreement establishing the Moroccan-Bulgarian Joint Chamber of Commerce was recently signed in Sofia, with the objective of developing economic and trade relations between the two countries. This agreement was initialled by the vice-president of the Association of Moroccan Exporters (Asmex), Mohammed H'midouche, and the president of the Bulgarian Committee of the Moroccan-Bulgarian Joint Chamber of Commerce, Asparuh Karastoyanov, said Wednesday in a statement from the Moroccan Embassy in Sofia.


2.06 million in sales in the first quarter for the Zgounder mine:
The first quarter was a good year for Maya Gold & Silver, which started commercial production at its silver mine in Zgounder in January. The mine, located in the Anti-Atlas, between Taliouine and Ouarzazate, processed more than 28,239 tonnes of material, or more than 322% compared to the first quarter of 2018, with an average of 219.8 grams of silver per tonne. Result: 109,084 ounces of silver produced, equivalent to 3.39 tonnes of silver ingots, if we take into account the recovery rate of the mill, which is 65.2%.


1 billion dirhams invested in three years:
Encouraging results for offshoring in Morocco. The sector was able to reach the milestone of 10 billion dirhams of export turnover in 2018. As a reminder, the 2014-2020 Industrial Acceleration Plan (IAP) set a target of an additional 18 billion over the 2014-2020 period. In terms of job creation, 69,900 direct jobs were created between 2014 and 2018. Through performance contracts, the sector generated more than 51,000 jobs, making it the second largest job-creating sector.


Historical performance for the household appliances business in the 1st quarter:
801.25 million in consolidated earnings for LG in the first quarter of 2019. The South Korean giant's consolidated turnover amounts to 13.27 billion dollars. Despite a slight decline in revenues and operating results compared to 2018, the household appliances division is doing well, posting record sales and results at the end of March. LG Home Appliance & Air Solution posted sales of $4.86 billion and operating income of $647.3 million.