Morocco plans to boost its state spending in support of industry and reform regulations as part of an effort to double foreign direct investment (FDI) by 2020, investment minister Moulay Hafid Alamy was cited as saying by Reuters. Unlike many Arab economies, Morocco managed to avoid a big drop in FDI in the wake of the global financial crisis and the Arab Spring uprisings of 2011, partly by marketing itself as an export base for Europe, the Middle East and Africa. FDI inflows are now running at an annual rate of about 4 billion euros ($5 billion), higher than pre-crisis levels of around 3 billion euros, Alamy said in an interview. "We think we can double that by 2020," said the former insurance industry entrepeneur, who built a fortune estimated by Forbes magazine at $620 million before becoming minister in October 2013. As the volume of FDI rises, Morocco is moving up the manufacturing value chain, particularly in aersopace and autos. Last year Canadian plane maker Bombardier began building a $200 million plant to make parts for its CRJ Series aircraft. Multinational industrial manufacturer Eaton Corp said it was establishing a factory to make electrical distribution modules and protection devices.