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Profile of the Moroccan Economy

“Morocco is a tree deeply roots in Africa with its branches spread in Europe.”
      His Majesty Late Hassan II

Located in the northwest of Africa, Morocco has always been at a crossroad of civilizations. Mediterranean, Atlantic and African, Morocco is also the most westerly of the Arab countries. In 1995, the kingdom signed an Association Agreement with the European Union to establish a Free Trade Area. In 2004, a Free Trade Agreement was signed with the United States. Other Free Trade Agreements have also been signed with Turkey, Arab countries and some African nations. Similar arrangements are underway with other countries around the world. Today, Morocco has the largest free trade network in the world.

The Moroccan authorities have undertaken to open the economy to the world while advancing towards greater modernization to adequately face the challenges of globalization. In order to achieve that, the country has adopted many reforms. It has revised the taxation system, reformed the banking system, eased importation restrictions, lowered tariffs and liberalized foreign exchange regulations. To attract foreign investors, Morocco created commercial courts specialized in business matters, modernized its customs administration and established 16 Regional Investment Centers acting as a one stop shop for companies considering doing business in the country. A new comprehensive labor law protecting both the employer and employee was passed in July 2003. Morocco also adopted state-of-the-art protections for trademarks and digital copyrights, expanded protection for patents and product approval information and tough penalties for piracy and counterfeiting.

The largest trading partner of Morocco is Europe. However, the country has, in recent years, followed a policy of diversification among its suppliers and clients. The absence of oil and gas in large quantities prompted Morocco to diversify its economy. As a result, many sectors were developed to turn the Land of the Sunset into a highly competitive rising star.