Ken Ogwang of IDC Highlights Morocco’s New Strategic Potential as a Tourism Growth Hub

Saturday, November 23, 2024

Ken Ogwang is a Senior Dealmaker at the Industrial Development Corporation (IDC), focusing on tourism sector investments, including hotel development, expansion, and acquisitions across Africa. He emphasizes the importance of partnering with strong local entities to mitigate risks and gain market insights. Ogwang has highlighted Morocco’s strategic potential in tourism, citing increased international arrivals, enhanced infrastructure, and upcoming events like the World Cup as catalysts for sustainable growth. His approach aligns with IDC’s goal of creating impactful investments that benefit both local markets and broader continental objectives.

Could you explain the focus areas of the Industrial Development Corporation in terms of funding businesses?

Certainly. At the Industrial Development Corporation (IDC), we fund businesses across a wide range of sectors, and one of our significant focus areas is tourism. Within this sector, we fund the development of new hotels, their expansions, and acquisitions. While our primary operations are based in South Africa, our mandate also extends to investments across the continent.

Morocco seems to be an emerging market for tourism. Could you share why IDC is particularly interested in this region?

Morocco has indeed become a growth node for tourism, and this hasn’t gone unnoticed by us. There has been a notable increase in international arrivals, supported by the rise in the number of airlines offering direct flights to Morocco. Additionally, the Moroccan government has made significant investments in infrastructure, improving accessibility to various locations across the country. These factors have positioned Morocco as a key player in the tourism market, offering immense opportunities for growth and development.

What specific developments in Morocco’s tourism sector have caught your attention?

The pipeline of projects and developments underway in Morocco is impressive. We’ve taken a close look at the local Department of Tourism’s roadmap, which aims to channel and position growth within the market strategically. Moreover, Morocco’s upcoming role as a host for the World Cup is a significant milestone. This event isn’t just a short-term boost; it has the potential to drive sustainable growth beyond the event itself. The focus is to avoid creating “white elephants”—infrastructure that becomes obsolete after the event—and instead use this as a catalyst for ongoing development.

How does IDC approach investments in new markets like Morocco?

Our approach involves partnering with strong local players who have established links and a solid presence in the market. This strategy allows us to mitigate technical risks during project execution and ensures a more detailed understanding of the local market landscape. With this in-depth perspective, we can define our investments effectively.

What is the rationale behind IDC’s geographical diversification strategy?

Geographical diversification is central to our strategy, but we do this on a risk-mitigated basis. Our goal is to participate in the average returns that markets like Morocco are expected to offer in the coming years. This explains why Morocco, at this point, is a key focus for us. It’s about leveraging opportunities while managing risks effectively, aligning with the region’s growth trajectory.

In conclusion, what future opportunities does IDC foresee in Morocco’s tourism sector?

We see immense potential for growth, not only in terms of the immediate projects but also in leveraging partnerships that can drive long-term success. Morocco’s positioning as a tourism hub, coupled with its infrastructure improvements and strategic planning, offers a robust foundation for sustainable growth. This aligns with our vision of creating impactful investments that benefit both the local market and broader continental goals.

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