In Morocco, technology isn’t just a domestic pursuit: relatively high-tech processes apply to the country’s exports, as well.
A Morocco World News report from May talks about the relevance of technology in the country’s export market, claiming that “low-and medium-high technology products” account for 80 percent of Moroccan manufacturing exports. The report cites a Directorate of Financial Studies and Forecasting survey covering the last 15 years. In general, Morocco World News says Morocco has “embarked on a process of structural transformation” that will drive modernization within the country and enhance exports.
Researchers also found that the Moroccan manufacturing sector accounts for some 60 percent of exports, and that the combined value of these exports is roughly equal to about 15 percent of the gross domestic product.
Some experts believe financial technologies, combined with modern production, will drive even more success for markets in the region. Discussing Moroccan exports, Areiel Wolanow at Finserv feels that blockchain, a ledger for cryptocurrency, has the potential to revolutionize the country’s export processes.
“If adopted by Moroccan industry, it will not just make Morocco more competitive, it will open completely new industries and opportunities that Morocco would never have been able to participate in before,” Wolanow said.
One application to exports, Wolanow said, is supply chain provenance.
“Being able to reliably trace the origin of components in a supply chain is critical for many technology components, such as aircraft parts or medical supplies,” Wolanow said. “Blockchain can be used to locate the source of failures quickly, allowing for recalls of failed components or tainted supplies to be much more targeted, saving millions of dollars and avoiding travel disasters or medical emergencies; this will make it much easier for Moroccan businesses to participate more fully in the global marketplace for these goods.”
Wolanow also mentioned the possibility of dealing more efficiently with hazardous materials and other unusual export scenarios.
“(Having new financial record technologies) can make it easier, cheaper and more reliable for Moroccan firms to meet very restrictive import/export compliance requirements for sensitive materials such as radioactive diagnostic materials, medical research cultures, or dual-use technologies,” Wolanow said. “This transparency and clear traceability could open new opportunities to Moroccan firms that were not previously available to them.”
In addition, Wolanow said, there are deal-making benefits that these new technologies could also bring to the table.