Morocco at a glance
Location: The country in northwest of Africa is bordered by the Strait of Gibraltar and the Mediterranean Sea in north, by Mauritania in south, by Algeria in east and in west by the Atlantic Ocean.
Political Environment: In accordance with Article I of the 2011 Constitution, Morocco is a constitutional, democratic, parliamentary and social monarchy:
- The king is the Head of State of Morocco, the Supreme Representative of the nation, the symbol of its unity and the guarantor of the permanence and of the continuity of the State. His Majesty presents also the Supreme Arbiter between the Institutions and appoints the Head of Government from the political party with a majority of seats to act in the Chamber of Representatives.
- The parliament which is composed of two chambers (the Chamber of Representatives and the Chamber of Councillors) exercises the legislative power in the Kingdom, votes on laws, controls the activities of the Government and evaluates public policy.
- Executive power is exercised by the government
Economic Overview: The Moroccan economy is characterized by a great openness to the outside world. Since the early 80s, Morocco has adopted an economic and financial openness policy aiming at improving the liberalization of foreign trade, largest integration of the Moroccan economy into the international economy and at strengthening of contribution to the consolidation of a multilateral trading system.
In this regard, significant advances in the modernization of economic and financial structures and upgrading of the legal and institutional frameworks have been accomplished. The aim is to permanently accelerate economic growth in Morocco and to improve living conditions of its citizens.
In this context, Morocco undertook the simplification of foreign trade procedures, a reduction in tariff protection, the elimination of non-tariff measures, the improvement of the business and investment environment, the expansion and the diversification of economic and trade relations and finally, regular contributions to consolidate the multilateral trading system. This opening is further illustrated by the signing of various free-trade agreements by the Kingdom with its main economic partners, including the European Union, the United States, and in both Arab and African countries. In addition, a set of legal texts were enacted or modified to support these reforms. These include, for example the Investment Charter, the Commercial Code, the law establishing the commercial courts, the Customs Code, the Law on free pricing and competition, the regulation of the State's markets, and the Law on the protection of industrial and commercial property.
Moreover, the establishment of new sector policies based on comparative advantages of the Moroccan economy (Industrial acceleration Plan 2014-2020, Vision 2020 for Tourism, Vision 2015 for the Craft Industry, Rawaj Plan for Trade 2020, the Green Morocco Plan for Agriculture, Halieutis Plan for Fishing. etc) should promote, in the coming years, a sustained and sustainable growth.
In order to support these sectoral strategies and strengthen long-term growth, Morocco has initiated several strategies relating to infrastructure and logistics:
Moreover, the EU has granted Morocco an "advanced status" which gives it the possibility to further integrate into the European Single Market and to participate to some inter-European cooperation programs reserved for members only, thanks to the privileged relations between Morocco and the EU, and given the progress realized in the political, economic and social fields, as well as the many reforms undertaken by the Kingdom.
Finally, the process of economic openness and integration into the global economy is consolidated through the conclusion of free-trade treaties with the United States, the European Union, EFTA, Turkey, member States of the Arab League as part of the Greater Arab Free Trade Area, and the Mediterranean Arab countries as part of Agadir Agreement.
Furthermore, the EU has granted Morocco an "advanced status" which gives it the possibility to further integrate into the European Single Market and to participate to some inter-European cooperation programs reserved for members only, thanks to the privileged relations between Morocco and the EU,and given the progress realized in the political, economic and social fields, as well as the many reforms undertaken by the Kingdom.
On the continental level, the reinforcing cooperation with African countries has gained new impetus during the reign of His Majesty King Mohammed VI. This new vision of openness has materialized through the conclusion, since the early 2000s, of more than 1000 cooperation agreements with more than 40 countries and by the upward trend in the country's direct investments in sub-Saharan Africa, which have reached $ 3 billion in the past 10 years, placing our country as the 2nd African investor and the 1st investor in West Africa.
In this context, Morocco has the ambition to position itself as an essential export platform for investors wishing to target dynamic markets with high growth potential in Africa. As such, Casablanca Finance City (CFC) offers international investors a platform strongly connected with Africa and privileged access to investment opportunities through, among others, the Africa 50 Fund which aims to meet development needs infrastructure in Africa.