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Morocco Overview
2
Capital Rabat
Institutional SystemDemocratic and social Constitutional
Monarchy
Area 710 850 km²
Population 32.5 million
Time Zone GMT (GMT+1 in summer)
LanguagesArabic and Amazigh (official)
French, Spanish, English
GDP835 Billion MAD (2012)
US$ 100 Billion
GDP per capita25 681 MAD/ inhabitant (2012)
US$ 3 500
Average growth 4.9% (over the last 5 years)
GDP Distribution
(2012)
Primary Sector 12.7%
Secondary Sector 28.1%
Tertiary Sector 59.2%
Inflation Rate 1.3% (2012)
Source: Haut Commissariat au Plan et Office des Changes
Contents
Morocco: An attractive country for investorsI
� Political and economic stability for investment
� Ambitious sectoral strategies
� Modern infrastructure
3
II Morocco’s offer
AMDI, serving investorsIII
� Modern infrastructure
� A monarchy established in the year 788 (12 centuries ago)
� A bicameral parliamentary system
� Both chambers vote on all laws
� The Constitutional Council reviews the constitutionality of all laws
� The judicial branch remains independent from the legislative and executive branches
� A multi-party system
A stable political environment
A continuing drive for openness and democratisation
4
� A multi-party system
� Over 85 000 associations and NGOs
� In July 2011, a referendum established a new Constitution, guaranteeing:
• Human rights
• The legality of the State and its institutions
• Individual and collective liberty
Morocco, most pacifist
country in North Africa in
2013
Morocco, most democratic
country in Arab region in 2013
According to Global Peace Index 2013 According to the Egyptian center
Ibn Khaldoun
Morocco, most stable country
in North Africa in 2012
According toThe Association
For International Affairs
• Improved moral standards in public life
• The plurality of the Moroccan identity
Plus de 50
conventions de
No restrictions
to capital for
non-residents
Free
repatriation of
profits and
capital for non-
residents
More than
100 protection
foreign
investment
agreements
A business environment favourable to investment
5
conventions de
non double
imposition+pr
otection de
l’investisseme
nt
3
residents agreements
and double
taxation
21 3
A business environment favourable to investment
• 51 Double Tax Avoidance Agreements
• 62 Investment Protection Agreements
• Member of OECD Investment Committee
• Member of International Centre for Settlement of Investment Disputes (ICSID)
• Member of MIGA (Multilateral Investment Guarantee Agency)
• 51 Double Tax Avoidance Agreements
• 62 Investment Protection Agreements
• Member of OECD Investment Committee
• Member of International Centre for Settlement of Investment Disputes (ICSID)
• Member of MIGA (Multilateral Investment Guarantee Agency)
• The creation of the Business Environment National Committee (CNEA) to
facilitate procedures and access to information, and to carry out legal reforms
• The modernisation of business law
• The strengthening of intellectual property protection
• A new law on arbitration and mediation
• New banking regulations
• Administrative simplification
• The creation of the Business Environment National Committee (CNEA) to
facilitate procedures and access to information, and to carry out legal reforms
• The modernisation of business law
• The strengthening of intellectual property protection
• A new law on arbitration and mediation
• New banking regulations
• Administrative simplification
Investor
Protection
Investor
Protection
Legal ReformsLegal Reforms
6
• Administrative simplification• Administrative simplification
• Reduction of tax burden
• The creation of funds specifically for investment promotion
• Reduction of tax burden
• The creation of funds specifically for investment promotion
An Incentive Tax
System
An Incentive Tax
System
Morocco gained 8 positions in the global ranking of “Doing Business 2014”
Morocco : the country that " improved the most" its business regulations in 2011
International
Instruments
International
Instruments
• Morocco adhered to the OECD Declaration on Propriety, Integrity and
Transparency in the Conduct of International Business and Finance and to the
OECD Declaration on Green Growth
• Morocco adhered to the OECD Declaration on Propriety, Integrity and
Transparency in the Conduct of International Business and Finance and to the
OECD Declaration on Green Growth
International analysts highlight the Moroccan
exception…
…and praise its democratic push.
A stable political environmentMorocco, a true exception in the MENA Region
"The Council of Europe welcomes its cooperation with Morocco, the most advanced country in the Arab region in terms
of democracy and respect for human rights and the rule of law"
Thorbjorn Jagland, General Secretary of the Council of Europe – 10/08/2012
“Morocco is one of the few countries in the region to move forward resolutely on the path of socio-economic reforms “
11/26/2013
7
"The positive trend that Morocco has known in 2011 shows that the political transition took place in good conditions
unlike other countries in the region who face enormous difficulties in this regard. Morocco has distinguished by a
rapid implementation and effective political and economic reforms. "
Arnaud Louis, Associate Director of Fitch Ratings - 09/11/2012
"Morocco has been engaged for more than a decade of large-scale reforms that deserve to be praised"
Jean-Marc Ayrault, French Prime Minister - 12/12/2012
"The United States sees in Morocco, a leader and a role model, that is why the King of Morocco Mohammed VI
deserves a great tribute to the achievements in reforms"
Hillary Clinton, U.S. Secretary of State - 09/14/2012
4.8% * Growth of GDP
1.7% * Controlled inflation
Morocco
maintains A4grade - 2012
Affirms
Morocco's
Strong macroeconomic drivers
8
1.7% * Controlled inflation
8.7% Stable rate of
unemployment
Morocco's
Investment rating
2012
#1Inflation control
2012-2013
Sources: Haut Commissariat au Plan & Ministère de l’Economie et des Finances
* Average on the last decade
End of 2012
Ambitious sectorial strategies
Objectives:
INDUSTRY: EMERGENCE PACT
• 1.6 % in additional GDP growth
• 220 000 jobs to create
• Key sectors: automobile; aeronautics; electronics; Offshoring; fishing and agriculture; textile Renault’s factory in Tangier
9
ICT: DIGITAL MOROCCO 2013
Objectives:
• Internet = 2.3% of GDP
• 58 000 jobs to create
• US$ 830 million of direct additional GDP
• US$ 2.5 billion of indirect additional GDP
Headquarters of Maroc Telecom in Rabat
Sources: Pacte Emergence Industrielle; E-gouvernement; Chambre de commerce suisse au Maroc
Launched in 2010
Objectives:
• To improve the country’s logistical competitiveness
• To reduce logistical costs from 20% to 15% of GDP
• An integrated national network of 70 multi-flow logistical zones
LOGISTICS
Ambitious sectorial strategies
Logistics zone in Tangier
10
Launched in 2010
Objectives:
• 20 million tourists in 2020
• 200 000 new beds
• Tourism GDP: from US$6 billion in 2010 to US$17billion in 2020
TOURISM: VISION 2020
Four Seasons Hotel in Marrakech
Sources: Ministère du Transport et de l’Equipment; Ministère du Tourisme
Launched in 2008
Objectives:
• US$10 billion in additional GDP from agriculture
• US$15 billion in public and private investments
• Creation of 24 000 jobs
AGRICULTURE: GREEN MOROCCO PLAN
Ambitious sectorial strategies
Sprinkler system in Marrakech
11
Launched in 2008
Objectives:
• US$1.5 billion in additional GDP
• Creation of 75 000 jobs by 2020
FISHING: HALIEUTIS
Fishing port in Agadir
Sources: Ministère de l’Agriculture et de la Pêche; FENIP; Ministère de l'Economie et des Finances
Launched in 2008
Objectives:
• A GDP from trade of US$ 12 billion, representing 12.5% of the country’s GDP.
• The creation of over 200 000 jobs.
TRADE: RAWAJ 2020
Ambitious sectorial strategies
« Morocco Mall » in Casablanca
12
HOUSING
Launched in 2009
Objectives:
• To reduce the shortage of units (800 000)
• To build 100 000 units per year
• To expand social housing
Modern city in Fès
Sources: Ministère de l’Habitat; MCINET
Launched in 2009 (Solar) and in 2010 (Wind) with a budget of US$ 15 billion
Objectives:
• Renewable energy >40% of national production by 2020
• Capacity: 2 000 MW of solar power + 2 000 MW of wind power
ENERGY: MOROCCAN SOLAR PLAN
Ambitious sectorial strategies
Wind park in Tétouan
13
wind power
Launched in 2010
Objectives:
• To make of Casablanca a regional hub for the Maghreb and Western Africa.
FINANCE: CASABLANCA FINANCE CITY
Source: MASEN
Modern infrastructures
Airports•15 international airports•Casablanca is #1 Europe-Africa hub
Tramways•Rabat and Casablanca •€1 billion
Ports:
• Morocco has two coastlines
14
Highways • 2015: it will connect all the big cities of
Marocco
Railway Network•First high-speed train in Africa
(Tangier-Casablanca) in 2015 –€1.8 billion
• Morocco has two coastlines (Mediterranean and Atlantic)
• More than 95% of trade in Morocco go through the seaway.
• Morocco has 38 ports of which 18 are devoted to foreign trade.
Tangier Med port:
• Ideal port platform to serve Europe and West African countries
22 Integrated Industrial Parks (P2Is)« Plug & Play »
RABAT
CASABLANCA
TANGER
KENITRA
TETOUAN BERKANE
OUJDA
FES
MEKNES
MARRAKECH
AGADIR
CASANEARSHORECASANEARSHORE
TETOUAN SHORETETOUAN SHORE
FES SHOREFES SHORENOUASSEUR
AEROSPACE CITY
ATLANTIC FREE ZONE
TECHNOPOLISTECHNOPOLIS
AGROPOLIS
TANGER FREE ZONE
OUJDA SHORE
CLEANTECH
TANGER AUTOMOTIVE CITY
15
LAAYOUNE
DAKHLA
MARRAKECH SHORE
GENERAL P2I
OFFSHORING P2I
AUTOMOBILE P2I AGRICULTURAL
P2I
RENEWABLE
ENERGY P2IAERONAUTICS P2I
Free zones in Morocco
� Exemption from custom fees and
simplified customs procedures
� Full exemption from corporate tax
for first 5 years and a rate of 8.75%
for the following 20 years.
� Exemption from custom fees and
simplified customs procedures
� Full exemption from corporate tax
for first 5 years and a rate of 8.75%
for the following 20 years.
Incentive benefits in Free
Zones
Incentive benefits in Free
Zones
TANGER AUTOMOTIVE CITYTANGER AUTOMOTIVE CITY
RABAT
CASABLANCA
TANGER
KENITRA
TETOUANOUJDA
FES
MEKNES
MARRAKECH
AGADIR
OUJDA SHORE
CLEANTECH
OUJDA SHORE
CLEANTECH
ATLANTIC
FREE ZONE
TANGER FREE ZONE
TECHNOPOLIS
RABAT
TECHNOPOLIS
RABAT
16
for the following 20 years.
� Full exemption from income tax for
first 5 years and a reduction of 80%
for the following 20 years.
for the following 20 years.
� Full exemption from income tax for
first 5 years and a reduction of 80%
for the following 20 years.LAAYOUNE
DAKHLA
NOUASSER AEROSPACE CITYNOUASSER AEROSPACE CITY
Tangier Free Zone won the Best International Logistics Project in 2013
InternaXonal LogisXcs Fair (SIL) in Barcelona, June 2013
Contents
Morocco: An attractive country for investorsI
II Morocco’s offer
17
AMDI, serving investorsIII
At the crossroads of the continents
PARIS
ROME
FRANKFURTNEW YORK
MADRID
1h
1d
2h
2d
3h
3d
2h
2d
7h
10d
19
Flight duration
Sea/land route
SAO PAULO
CAIRO
ACCRA
BEIJING
DAKAR
MADRID22h
30d
3h
4d
10h
25d
4h
4d
4h
5d
Sources: Royal Air Maroc; COMANAV
Morocco: an unparalleled connection between Europe, the Middle East, and Africa
Direct connections to 32
European cities
Number of international
passengers:
Steadily growing
Direct connections to 24 cities
in Africa and the Middle East
In millions
10,111,5 12
13,5
15,1 15,1
20
8,5
10,1
2006 2007 2008 2009 2010 2011 2012
Sources: Office National des Aéroports & Royal Air Maroc
Mohammed V Airport in Casablanca: best airport in North Africa in 2012According to the International Association of AirportsAccording to the International Association of Airports
Access to custom fee exemptions
Located just 14 km
from Europe
Agreement under negotiations
with Canada
Association Agreement with European Union
(1996)
21
from Europe
Agreement with Turkey (2003)
Agadir Agreement (2004)
United Arab Emirates Agreement
(2003)
Arab League Agreement (1998)
Agreement under negotiations with the
Economic Community of West African
States (ECOWAS & CEMAC)
Agreement with United States of
America (2005)
Tangier Med Port:Connections to 120 ports in 56 countries, with 40 services
Index of maritime connectivity in Morocco
7783 84 80
3323
18 18 19
22
2004 2005 2006 2007 2008 2009 2010 2011 2012
Current capacity of 3.5 million3.5 million containers (8.5 millions 8.5 millions in 2015)
2 2 container terminals
2.1 million TEUs 2.1 million TEUs * at the end of October 2013
Ambition: To be included in the World Top 15World Top 15
Current capacity of 3.5 million3.5 million containers (8.5 millions 8.5 millions in 2015)
2 2 container terminals
2.1 million TEUs 2.1 million TEUs * at the end of October 2013
Ambition: To be included in the World Top 15World Top 15
*TEU: Twenty foot equivalent unit
Source: UNCTAD; Chambre de Commerce Suisse au Maroc
Des coûts compétitifs
€ per month € per container
Exports costs*Competitive salary (average) Corporate Tax Rates**
50%
59%62% 64% 65%
577
975 994
2035
2817
23 Source: World Bank 2012; Caisse Nationale de Sécurité Sociale; Doing Business
Morocco Spain Tunisia China France
443 460
Morocco China Tunisia Spain France
*Associated costs with all procedures
required to export goods
** Amount of taxes and mandatory
contributions by the company during the
second year of activity, expressed in % of
commercial profits
225 292 375 394
803912
A young and qualified workforce
• 64% of Moroccans are aged under 34 years
• 6 million young people (between 18 and 35 years old)
• An active population of 12 million
• 175 000 university students
• Training of 15 000 engineering graduates per year for 2015 and 25 000 for
2020
• Over 100 public universities and schools
• Over 200 private universities
• 64% of Moroccans are aged under 34 years
• 6 million young people (between 18 and 35 years old)
• An active population of 12 million
• 175 000 university students
• Training of 15 000 engineering graduates per year for 2015 and 25 000 for
2020
• Over 100 public universities and schools
• Over 200 private universities
A young and educated population
24
• 16 million internet users
• 4,4 million Facebook users (+38k Twitters, 1st in arab countries)
• 20 millions of french speakers
• 6 millions of spanish speakers
• Steady growth of English (Morocco ranked 45th worldwide and 2nd in North Africa, in
terms of mastering English*)
• Strong cultural and linguistic affinity with Europe
• 16 million internet users
• 4,4 million Facebook users (+38k Twitters, 1st in arab countries)
• 20 millions of french speakers
• 6 millions of spanish speakers
• Steady growth of English (Morocco ranked 45th worldwide and 2nd in North Africa, in
terms of mastering English*)
• Strong cultural and linguistic affinity with Europe
A youth open to the world
Sources: Arab Social Media Report, Dubai School of Government; Haut Commissariat au Plan, Ministère de l’Enseignement Supérieur, Agence Nationale de Réglementation des Télécommunications
* World index of english level, by the organism « Education First »
An attractive incentive packageConventional regime
� Eligibility Conditions:
• Investment ≥ US$ 25 million
• Jobs created ≥ 250
• Transfert of technoloy
• Implementation in a priority area
• Protection of environment
Investment Promotion
Funds
(IPFs)
� Eligibility Conditions:
• Total investment ≥ US$ 1.2 million
• Investment in goods and equipment ≥ US$
0.6 million
• Sectors:
Automobile, aeronautics, nanotechnology,
microelectronics, and biotechnology.
Hassan II Fund
And
/or
25
� Land Assistance: A contribution up to 20% of
acquisition costs
� External Infrastructures: assistance of up to 5% of
total amount of investment programme
� Training: A contribution of up to 20% of training
costs.
microelectronics, and biotechnology.
� Contributions are limited to a maximum of 15%
of the total investment and US$ 3.6 million as
the following:
• Land Assistance: 30% of costs of land
acquisition and development.
• Equipment: 15% of costs of new equipment
(excluding taxes and import duties).
� Eligibility Conditions
• Activities with non-
resident businesses
• Compliance with financial
legislations and
regulations, foreign trade
and foreign exchange
Casablanca Finance
City
� Eligibility Conditions
• 70% of sales to be
achieved abroad
� Unlimited exemption from
customs duties
� Simplified customs procedures
� Corporate tax = 0% for 5 years and
Free zone regime
An attractive incentive package
� Eligibility Conditions
• Investment ≥ US$25
million
� VAT exemption for the
importation of equipment
goods, materials, and tools for the
36 months following the start of
General Tax
Code
26
For service companies CFC status:
� Total exemption from corporate
tax for companies during the first
5 years of operation and 8.75%
thereafter.
For regional and international office:
� Taxed at a reduced rate of 10%
(corporate tax)
� Specific taxation rate of 20% for
wage income (income tax)
� Exemption acts of incorporation
and capital increase
� Corporate tax = 0% for 5 years and
8.75% for 20 years
� Income tax = 0% for 5 years, then
80% tax reduction for 20 years
� Business tax exemption for 15
years
� Value Tax Added : unlimited
exemption for goods delivered
and services
� Registration fees: exemption acts
of incorporation and capital
increase
36 months following the start of
the activity.
This exemption is also granted to
parts, spare parts and accessories
imported at the same time as the
above equipment
� Exemption from import of
equipment goods, materials, and
tools for the 36 months after the
signing of the Investment
Agreement
Who we are
AMDI
Structure to host, inform and support investors
Services for Files
28
AMDI Services for free
Public entity with legal personality and financial autonomy
Files confidentiality
What we do
Helps you settle Helps you carry With you
29
Helps you settle
and thrive
Facilitates the integration of your
business into the local economy.
Helps you carry out your project
Assists you in accelerating procedures and guides you in the
contacts with government services.
With you
along the way
Ensure the satisfaction of investors thanks to its
after care service
Where to find us
AMDI Headquarters RabatAdresse: 32, rue Honaine, angle avenue Michlifen, Agdal- Rabat – Maroc
Tél: +212 5 37 22 64 00E-mail: [email protected]
AMDI France14, Avenue d'Eylau - 75116 Paris
Tél: +33 1 73 02 15 09
E-mail: [email protected]
AMDI SpainPaseo de la Castellana, 141, Planta 20
Edificio Cuzco IV – 28046 – Madrid
Tél: + 34 917 893 441
E-mail: [email protected]
30
E-mail: [email protected]
AMDI ItalyVia Boezio, 6 – 00193 - Rome
Tél: +39 0632 803 204
E-mail: [email protected]
AMDI GermanyBockenheimer Lands street 17/19-
60325 Frankfurt
Tél: +49 69 710 455 222
E-mail: [email protected]
AMDI United StatesRockefeller Group Business Centers 1221 Avenue of
The Americas, Suite 4200 – New York
Tél: +1 212 899 5577
E-mail: [email protected]
AMDI United Arab
Emirates
Tél: +971 503 383 295
E-mail: [email protected]
Per sector in 2012 (billion MAD and %) Per country in 2012 (billion MAD and %)
16
5
32
6
23
9
27 26
38
2823
35
24
32
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
FDI evolution (billion MAD)
FDI in Morocco
33
France
12,6
39%
United Arab
Emirates
7,9
25%
United States
1,6
5%
Spain
1,3
4%
Saoudia Arabia
1,2
4%
Switzerland
1,1
3%
Holland
1,0
3%
Great Britain
0,8
3%
Qatar
0,5
2%
Others
3,9
12%
Industry
8,3
26%
Real Estate
7,9
25%
Energiy and mine
5,7
18%
Holding
2,5
8%
Bank
2,0
6%
Tourism
1,6
5%
Commerce
1,4
4%
Big works
0,7
2%
Transport
0,3
1%Autres
1,5
5%
Major investment projects of 2011
• Thales establishes its African Headquarters in Morocco (formerly in France)
• Morocco = 15% of turnover in Africa
• 50/50 Joint Venture: new factory for the production of harnesses and electricity
cabinets for tramways and high-speed trains.
• €160M invested in aerospace manufacturing factory.
• Start of implementation in 2012 and of manufacturing in 2013.
34
cabinets for tramways and high-speed trains.
• €30M
• 400 jobs
• 1st Four Seasons in North Africa.
• €160M investment on 15 hectares.
• Inaugurated November 2011
• €90M
• Acquisition of 63.9% of Moroccan pharmaceutical manufacturer Promopharm.
Major investment projects announced in 2012
• Inauguration of new 3 000 m² factory in Berrechid.
• €3.2M investment and additional €11M investment for 2014.
• Should employ 2 500 people.
• The Indian number one in generic medicine manufacturing opens in Casablanca.
• Approximately €2M invested.
• Launch of its new 13 000 m² logistics platform in Sapino Industrial Park.
• €3.5M investment.
35
• Approximately €2M invested.
• €20M investment.
• Established in Tangier Automotive City, near Tangier.
• €40M investment in its Nouaceur factory for a new production line for “Pulpy”
juice, the newest addition to its Miami brand.
• Total investment of €80M for the whole of its Moroccan activities in 2012.
The Morocco-EU Advanced Status
� In October 2008, Morocco and the European Union (EU) signed and ratified an advanced status that guaranteed the
strengthening of relations between the Kingdom of Morocco and the 27 members of the EU.
� On the political level:
� The organisation of a regular Summit between Morocco and the EU.
� The holding of informal meetings to discuss security, immigration, and crisis management concerns, as well as any other
political issues pertinent to both sides.
� The participation of Morocco in all EU Community programmes and proceedings.
� On the economic level:
36
� On the economic level:
� Closer collaboration and an approximation of Moroccan legislation to the EU acquis.
� The completion of a more comprehensive Free-Trade Agreement.
� The promotion of European investments in Morocco.
� The strengthening of research and innovation policies in the industrial sector.
� Support for Moroccan SMEs.
� The introduction of the Moroccan energy market into the European market.
� The Advanced Status reflects the trust Morocco has generated in its efforts for political and economic reforms, the strengthening
of the State’s legality, a better justice system, social cohesion, and the fight against poverty.
Islamic Banking
� In the near future, a law concerning three types of establishments will be submitted to the Lower House. The
types of establishments concerned are: banks, assimilated establishments, and Islamic banking institutions.
� The government predicts that the Islamic banking system will be a model to emulate, having already proven its
worth by resisting economic crises, all the while displaying significant growth potential.
� In 2011, an estimated amount of $1 trillion in funds were in circulation in the global Islamic banking system, an
increase of over 50% since 2008 and 21% since 2010.
37
increase of over 50% since 2008 and 21% since 2010.
� The basis: Money, as capital, can be a means of doing business, but not its ends.
� A very beneficial principle for investors.
� The Islamic banking institution includes: investment funds; investment and financing businesses; stockbrokers
and financial intermediaries; financial consultants; and credit rating agencies.
Emerging Real Estate
� Morocco has implemented a property investment organism, whose strategy is to specifically invest in:
industrial sites and units, storage and logistics platforms, and office buildings.
� The mission of the Emerging Real Estate is to be the financial backer for these types of investments, and to
support investors in their development and/or expansion projects.
� The Emerging Real Estate was created thanks to the initiative of three main Moroccan sponsor banks, allowing
it to have access to very generous financing conditions.
38
� The Emerging Real Estate has a target size of DH1.05B and DH 1.05B particioned between Banque Centrale
Populaire, Attijariwafa bank et BMCE Bank.
� i.e. an investment capacity of DH2.1B for the whole of the national territory.
� Investments made by the Emerging Real Estate average from DH100M to DH300M.
� Industrial and logistics buildings constructed under these programmes will reach 40 000 m² in area.
� Office buildings constructed will reach a total useable area between 5 000m² and 20 000 m².
The fight against corruption in Morocco
� Morocco signed the United Nations Convention against Corruption on 9 December 2003 and
ratified it on 9 May 2007.
� In May 2012, Morocco joined the integrity , honesty and transparency OECD instrument in
the conduct of international business and finance
� The Central Authority for Corruption Prevention was created in March 2007.
� The Council of Competition and the ICPC were constitutionalised in June 2011.
39
� The Council of Competition and the ICPC were constitutionalised in June 2011.
� A harmonious and coherent system to fight against corruption was implemented in June
2011.
� The new Constitution guarantees free elections, strict neutrality, fair access to
resources, protection for witnesses of corruption, etc.
� The new government is immediately and firmly committed to fighting corruption, having
launched 59 measures related to good governance while strengthening the ICPC’s acting
authority.
Morocco in the world
� Member of the United Nations (UN) since November 1956.
� Non-permanent member of United Nations Security Council (UNSC) until 2013.
� Member of the World Trade Organisation (WTO) since January 1995.
� Member of OECD Investment Committee.
� The Kingdom of Morocco is a very active member of the NATO Mediterranean
Dialogue, established by the foreign ministers of NATO countries in December 1994.
� Major non-NATO ally since January 2004.
40
� Major non-NATO ally since January 2004.
� Major partner of the European Union (EU).
� Signature of Morocco-EU Advanced Status in 2008.
Since February 2012, Morocco has gained the right to participate in all current and future EU
programmes.
� Morocco is also a member of the Arab League (AL), the Arab Maghreb Union
(AMU), Francophonie, the Organisation of the Islamic Conference (OIC), the Group of 77, the
Union for the Mediterranean (UfM), and the Community of Sahel-Saharan States (CEN-SAD).
FARO (Seed capital, development, and orientation fund)
� Faro, the seed capital, development, and orientation fund ,was launched on 27 May 2010 in the
context of the Union for the Mediterranean to boost the development of innovation on both
sides of the Mediterranean.
� With a budget of 1 million Euros, the Faro fund enables European entrepreneurs to study the
feasibility of innovative projects undertaken in collaboration with partners from the South of the
Mediterranean. Each project backed by the Faro is allocated a subsidy of 20,000 Euros
maximum, to finance up to 50% of the total costs involved in the works.
� The subsidy allocated will enable the promoters of small innovative projects to undertake
feasibility studies for their partnership project from various points of view:
technical, financial, legal, commercial or managerial.
41
technical, financial, legal, commercial or managerial.
� The creation of this fund is an example of the Union for the Mediterranean logic of encouraging
the development of SMEs, and associates the French Development Agency (Agence française de
développement – AFD), to the Caisse des Dépôts (CDC) and OSEO, around three main
objectives:
� To encourage the creation of businesses and promote employment,
� To support innovation in the countries on the southern shores of Mediterranean,
� To develop North/South partnerships.
� Project leaders having received assistance from the fund will be privileged, gaining access to
sponsoring, sharing of past experiences, and innovation evaluations.
Morocco offers a solid banking system with local players who are developing internationally thanks to their presence in Africa.
• The highest penetration of banking services in Africa after South Africa.- Bank assets reached 73% of GDP, as opposed to 69% in Egypt and 33% in Algeria.
• 3 national banks in African Top-10- Attijariwafa Bank: #6- Groupe Banque Populaire: #8- BMCE Bank: #9
• A strong presence in African countries to support Moroccan businesses.
Key Factors
42
Attijariwafa Bank BMCE Bank (and Bank of Africa)
2010: African Bank of
the Year
$1.5B Turnover
$35B Assets
$0.8B Turnover
$19B Assets
Source: BCEAO, IMF – World Economic Outlook, April 2010, PNUD – HDR database (2010), Bank Al-Maghrib, websites & annual reports, BCG analysis
Morocco offers a solid banking system
In the report about the Financial Development Index 2012 of World Economic
Forum, Morocco is ranked 45th out of 62 countries (1ST in the region of North
Africa)
He overtops:
� Legal and regulatory issues:
- Expenses with administrative regulations (22nd)
- Regulation of securities exchanges (25th)
- Public confidence in politicians (26th)
� Tax:
- Distortive effect of taxes and subsidies on competition (21st)
� Size index:
- Financial system deposits to GDP (24th)
- Bank deposits to GDP (24th)
� Efficiency index:
- Aggregate profitability indicator (19th)
� Business mergers - acquisitions:
43
- Distortive effect of taxes and subsidies on competition (21st)
- Marginal tax variation (26th)
� Cost of starting a business:
- Time to start a business (24th)
- Time for closing a business (23rd)
� Monetary stability:
- External vulnerability indicator(4th)
- External debt to GDP (18th)
� Banking system stability:
- Frequency of banking crises (10th)
- Output loss during banking crises(25th)
� Business mergers - acquisitions:
- M&A transaction value to GDP (24th)
� Insurance:
- Relative value added of insurance to GDP (16th)
� Equity market development:
- Stock market capitalization to GDP (23rd)
� Commercial access:
- Financing through local equity market (24th)
� Retail access:
- Commercial banks branches (22nd)
- Loan accounts at MFI’s(11th)
“The Moroccan Monarchy is the guarantor of the State’s stability
and continuity. The Monarchy imposes itself, within the
framework of the Moroccan political process, as an arbiter and a
foundation stone, underlining the Moroccan society consensus
on the Monarchy, a consensus that was mirrored in debates on
reforms carried out last year.”
Claire Spencer, Head of Middle East and North Africa
Programme at Chatham House Royal Institute of International
Affairs – 06/01/2012
“Morocco may emerge as the winner of uncertainly in the Middle
East. It is more stable and predictable than Egypt.”
“Morocco's constitutional reforms stand as a source of
inspiration for other countries in the region.”
Vidar Helgesen, Secretary General of the International
Institute for Democracy and Electoral Assistance (IDEA)-
06/01/2012
“The Monarchy in Morocco has a "historical legitimacy" and is a
"source of stability””
Ronald Meinardus, regional director for North Africa and the
Middle East at the German Friedrich Naumann Foundation -
06/05/2012
“Morocco has always been committed to a better economic and
trade integration between the Maghreb countries.”
José Fernandez, U.S. Assistant Secretary for Economic and Business
Affairs – 06/05/2012
Morocco, seen from abroad (1/3)
44
East. It is more stable and predictable than Egypt.”
Financial Times, daily British financial publication-05/29/2012
06/01/2012
“Morocco is a special case in the Arab world because the
Kingdom carried out a revolution within its Constitution. The
Monarchy has made the choice of becoming a constitutional
Monarchy, allowing for a democratic transition that will reassure
investors in Morocco.’’
Philippe de Fontaine Vive Curtaz, Vice President of the
European Investment Bank(EIB)-06/01/2012
“Thanks to the free trade agreement between Morocco and the
US, the Kingdom will become a trade platform for American
businesses wishing to gain a foothold in Africa, particularly in
the MENA region.”
José Fernandez, U.S. Assistant Secretary for Economic and
Business Affairs – 06/05/2012
The World Bank has recognized Morocco’s progress in promoting
investment and particularly the efforts of the Moroccan
Investment Development Agency (MIDA) to attract foreign
investors and meet their demands for information.
Morocco is the highest ranked country in Africa in terms of
overall prosperity ranking (73rd out of 141 countries).
Morocco, stands out in the sub-indices "social capital" (23rd)
and "economy" (35th)
“NATO should build durable ties with other key regional
partners in the Middle East and North Africa such as Morocco.
“
Atlantic Council Think Thank Report-05/16/2012
“‘King Mohammed VI showed great insight and wisdom in
leading Morocco’s democratic, economic and constitutional
development process.”
Andrew Murrison, Conservative MP at the British House of
Commons-05/15/2012
“Morocco is well committed on the path of political reforms
initiated by HM King Mohammed VI in his speech of March
2011.”
M. Luca Volontè, rapporteur of Parliamentary Assembly of
the Council of Europe (PACE)'s Political Affairs Committee
on the "Evaluation of the Partnership for Democracy in
respect of the Parliament of Morocco. - 04/25/2012
“The Mediterranean Parliamentarians welcomed the
relevance of the reforms undertaken in Morocco, which
enabled the Kingdom to make profound change in several
“Morocco ranked second in Africa in terms of Foreign Direct
Investment (FDI), behind South Africa and ahead of Kenya, in 2011.”
FDI Intelligence, subsidiary of the Financial Times Limited –
05/22/2012
Morocco, seen from abroad (2/3)
45
“The United States reiterates its “strong support ”for the
reform efforts in Morocco and other efforts on the economic
level.”
Victoria Nuland, spokesperson for the United States
Department of State – 05/01/2012
French President Francois Hollande has reiterated his
commitment to the exceptional friendship between Morocco
and France, also praising the democratic reforms initiated by
King Mohammed VI that are currently underway, further
underlining that France stands by Morocco.
François Hollande -05/24/2012
“King Mohammed VI is a reformer, secular and legitimate, making of
Morocco an exception in its region.”
The Journal of International Security Affairs -05/26/2012
enabled the Kingdom to make profound change in several
areas in serenity and continuity.” – 05/01/2012 The presidents of European Parliament groups and
commissions praised Morocco’s remarkable progress toward
democracy and human rights. – 06/07/2012
“The king enjoys the legitimacy and credibility that enabled
him to make democratic reforms in Morocco, culminating in
the adoption of a new Constitution and legislative elections
in November 2011.”
The National Interest, 04/13/2012
“The new Constitution, approved by the Moroccan people in
“As an enlightened monarch, King Mohammed VI has the
unique ability to defend traditional and tribal cultures while
seeing the wisdom of developing a diversified, modern
economy based on individual achievement.”
Forbes Magazine-04/26/2012
The President of the Republic of Guatemala, Otto Pérez
Molina, hailed the positive democratic momentum that
Morocco sees under the leadership of HM King Mohammed
VI – 9/04/2012
“Morocco is “on the right track” in democracy and can “serve
as a model for other countries.”
Thorbjorn Jagland, Secretary general of European Council -
04/05/2012
“Under the leadership of King Mohammed VI, Morocco is
leading the way in terms of sustainable development, within
Morocco, seen from abroad (3/3)
46
“The new Constitution, approved by the Moroccan people in
July 2011, guarantees human rights, particularly freedom of
speech and gender equality.”
Philip Luther, Director, Amnesty International Middle East
and North Africa – 05/24/2012
leading the way in terms of sustainable development, within
the framework of a conscious approach which assures dignity
and quality of life for Moroccans.”
Susan Bass, Vice President, Earth Day Network-03/30/2012
“Morocco tends to align more with Europe than with its
Southern and Western neighbors“
CNN - 21/02/2011
“Despite regional troubles, Morocco continues its
progress…Various factors point to encouraging prospects for
the Moroccan economy in 2011, namely an excellent harvest
and a continuous diversification of the Moroccan economy”
International think-tank Oxford Business Group (OBG)-
29/07/2011