IMD Annual Report 2019

117

The OCP story With exclusive access tomore than 50percent of theworld’sphosphate reserves, OCP understands it has a unique opportunity to play an important role in ensuring food security for the planet. “The responsibility that comes with holding 70 percent of a non-renewable resource that contributes to 50 percent of the world’s food production, has given OCP a purpose,” said OCP Chairman and CEO Mostafa Terrab. At the same time, OCP aims to make sustainable use of the key resource to contribute to wider society within Morocco. As part of its transformation, OCP has evolved from a phosphate rock extractor and exporter to place a greater emphasis on the provision of farmer- centric fertilizer solutions. While maintaining its global reach, it has also extended its reach with African farmers and other partners to help unleash the agricultural yield potential of Africa – a continent that in the decades to come, could – and arguably must – improve its agricultural performance not only to feed itself, but also to help feed the rest of the world. Historically, a chronic underuse of fertilizers in Africa has resulted in suboptimal food production.

By taking a responsible and sustainable approach, OCP is developing customized fertilizers to provide soil-specific nutrients. By doing so, OCP aims to meet the need of ongoing demand for fertilizer while implementing environmentally-friendly practices. Dr Terrab’s view is: “If we want to do good inAfrica, let’s do it the right way.” Investing in innovation and research has been central to OCP’s transformation. “Our R&D budget has increased significantly over the years from 0.1 percent of revenues to 2.3 percent, as it is a key driver of our next S-curve. The view from the South is that you innovate out of necessity,” says Dr Terrab. OCP has embedded win- win social contracts that put corporate social responsibility at the core of its operations, bringing strong benefits both to the business and the community. For OCP, people are at the heart of its ongoing transformation: fromengagement with farmers to giving autonomy to its workforce to developing an African talent pool through the Mohamed VI Polytechnic University. OCP’s business approach not only provides a healthy return on investment, but also leads to the prosperity of the communities and countries it operates within.